Ohio running low on unemployment money

COLUMBUS, Ohio — With unemployment rising, state officials warn that Ohio’s fund for paying jobless benefits is dwindling and could be empty by next month.

When that happens, the state will be forced to take out a federal loan to keep the unemployment checks flowing, for the first time in 26 years.

Gov. Ted Strickland says he’s asking Congress for federal aid to replenish the fund, so the state won’t have to borrow. If Ohio were to have trouble paying back a loan, it could face high interest costs and the threat of automatic tax increases on the state’s employers after two years.

http://www.nelp.org/page/-/UI/Trust%20Fund%20Solvency%20Update%202008-Final.pdf

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