Liberty Rising! North Carolina Becomes First State To DROP Federal Jobless FundsSubmitted by emalvini on Fri, 06/28/2013 - 09:44
Liberty Rising! North Carolina Becomes First State To DROP Federal Jobless Funds
June 28, 2013 | 7:00AM
RALEIGH, N.C. (AP) — With changes to its unemployment law taking effect this weekend, North Carolina not only is cutting benefits for those who file new claims, it will become the first state disqualified from a federal compensation program for the long-term jobless.
State officials adopted the package of benefit cuts and increased taxes for businesses in February, a plan designed to accelerate repayment of a $2.5 billion federal debt. Like many states, North Carolina had racked up the debt by borrowing from Washington after its unemployment fund was drained by jobless benefits during the Great Recession.