NC Unemployment Benefits Money Running Out
Posted in the Asheville Forum
#1 Dec 17, 2008
GREENSBORO, N.C.(AP)-- The state of North Carolina could run out of money to pay unemployment benefits next year as layoffs increase. But officials say they have a plan to keep the money flowing.
The News & Record of Greensboro reported Wednesday that state officials will borrow from the federal government to pay jobless claims if necessary.
State officials say borrowing they money will prevent businesses from paying higher taxes for unemployment insurance and a similar plan worked in 2002.
North Carolina's unemployment rate is at 7 percent and officials say monthly unemployment payments are as high as $130 million a month.
The state currently has $282 million in reserve for jobless benefits, but expects to collect as much as $700 million in the first half of 2009.
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