California Unemployment Insurance is almost out of money

With projected 42 billion dollar budget deficit, California currently is paying the unemployment benefits with borrowed money from the Federal government. Pretty bad for those who work in Cali (esp. bayarea)
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California unemployment fund nearly out of money

(Sacramento Bee, The (CA) Via Acquire Media NewsEdge) Jan. 26--For the second time in five years, the state Unemployment Insurance Trust Fund is set to go broke -- big time broke.

The fund that pays benefits of up to $450 a week to the jobless sank into the red for the first time in its 60-year history in 2004. California borrowed $214 million from the federal government to continue paying benefits.

With surging unemployment in California driving more people to its rolls, the fund now pays out up to $34 million a day in benefits to the state's unemployed.

This week -- possibly even by today -- the fund will run out of money, and then will have to rely on a $1.84 billion federal government loan to pay benefits through March.

Proposals to fix unemployment insurance -- a benefit whose history dates to the Great Depression of the 1930s -- have so far gained little traction. Yet experts argue that without a serious overhaul, California's fund is careening toward a $2.4 billion deficit this year and a $4.9 billion shortfall by 2010.

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