Unemployment fund out of cash

February 12, 2009 1:31:21 PM PST
North Carolina's unemployment fund is out of money. For the first time this recession, the state has had to borrow from the federal government to pay North Carolina's unemployment checks.

Wednesday, the state borrowed $13 million from the feds to meet the demands on the fund.

The state has a more than $500 million line of credit with the feds. If they pay the money back by October, the government won't charge any interest.

State unemployment officials tell Eyewitness News they expect to have to borrow again on Monday.


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