Unemployment insurance fund needs a boost
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Unemployment insurance fund needs a boost

Date: February 2, 2009
By: Theo Keith
State Capitol Bureau

Intro: The state has requested to borrow more than a quarter of a billion dollars from the federal government to continue payments to unemployed Missourians.

Theo Keith has more from Jefferson City.

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The borrowing comes as a result of the state's highest unemployment rate since 1984.
 
The state's labor department spokesperson Wanda Seeney says the state's unemployment insurance fund will run out later this month.
 
But Seeney says unemployed Missourians shouldn't worry.


Actuality:  LABOR1.WAV
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Description: Missourians should take comfort in knowing that, regardless of the condition of the trust fund, the fact that the state is able to borrow from the federal government will ensure their payment of unemployment benefits in a timely manner, no interruption whatsoever.

The loans will bridge the gap until April, when businesses pay their unemployment taxes to the state.

Missouri last asked for federal funds in 2003, which took four years to repay.

From the State Capitol, I'm Theo Keith.

Intro: The state has asked the federal government for more than a quarter of a billion dollars so it can continue to make payments to unemployed Missourians.

Theo Keith has more from Jefferson City.

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OutCue: SOC
The highest unemployment rate the state has seen since 1984 has drained Missouri's unemployment insurance fund.
 
The state's labor department expects the fund to run dry this month.
 
Kansas City Democratic Representative John Burnett says the state's GOP majority cut the money employers contribute to the fund in 2003.

Actuality:  BURNETT1.WAV
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Description: Employers contribute less to the fund, the feds contribute less to the fund. And what a surprise, now the fund is going bankrupt.


Missouri's labor department says Missourians will receive their unemployment benefits on time.

Missouri last asked the federal government for help in 2003, help that took four years to repay.

From the State Capitol, I'm Theo Keith.