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Georgia's Unemployment Fund Going Broke

By: AP
By: AP

ATLANTA (AP) -- March 25, 2011 --

State officials are trying to figure out how to meet Georgia's unemployment insurance obligations.

Officials say the fund is running out of money, and more than
191,000 Georgians received unemployment insurance payments last
week.

Labor Department officials say the jobless will get their checks.
In 1999, Georgia's trust fund stood at $2 billion, and the state
suspended payroll taxes to cover unemployment insurance for most
employers.

The fund dipped to $703 million in 2003, and has run out of
money while the Legislature blocked increases in payroll taxes to
support it.

Georgia and other states sought emergency assistance from
Washington in December 2009 and Congress provided assistance, but the government expects to be repaid. A $24 million interest payment is due in October.


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