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State Unemployment Fund Deep In Deficit

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Sep 11, 2008 8:59 am US/Pacific

State Unemployment Fund Deep In Deficit

SACRAMENTO (AP) ― California's program that pays benefits to the jobless is facing a severe money shortage and a huge backlog of unresolved appeals.

The unemployment insurance fund is expected to have a deficit of more than a billion and a half dollars by the end of 2009.

That shortage will force it to borrow from the federal government for only the second time since the program was established in the 1930s.

The fund is projected to have a three-and-a-half-billion-dollar deficit by the end of 2010 if no steps are taken to fix the problem.

California also has the largest backlog by far of pending unemployment eligibility appeals.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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