Nevada OKs $23M Interest for Jobless Benefits Loan

By: Associated Press Email
By: Associated Press Email

LAS VEGAS (AP) - Nevada legislators are approving a $23 million
interest payment to the federal government on money borrowed to
cover unemployment claims in the state with the nation's highest
jobless rate.

The Nevada Appeal reports that a legislative interim finance committee allocated the money Wednesday. The payment is due by Sept. 30.

State officials say Nevada must pay the interest to maintain a certified unemployment program.

They say a larger interest payment of about $40 million will come due in a few months.

The recession-wracked state has now borrowed $773.2 million from
the federal treasury to cover unemployment checks.

Borrowing started when an $800 million cushion of reserves dried up in October 2009.

Nevada's unemployment rate stands at 12.9 percent.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 128918978 -
Gray Television, Inc.