States face dwindling unemployment insurance funds

By: The Associated Press
By: The Associated Press

The funds that Michigan and other states use to pay jobless workers are running low.

That's raising fears of higher taxes on businesses and less money to help out-of-work employees during tight economic times.

Thirty-three states have funds below recommended levels -- meaning they're at risk of running out in less than a year unless they're replenished as required under federal law.

The fund in Michigan -- suffering from the nation's highest annual unemployment rate -- is at a paltry 2.8 million dollars.

The state has already had to borrow money to keep the fund in the black for the past two fiscal years.

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