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Nevada OKs $23M interest for jobless benefits loan
by Associated Press
Sep 02, 2011 | 575 views | 0 0 comments | 3 3 recommendations | email to a friend | print
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.
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