State Could Run Out of Unemployment Money by March

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Posted: 9:30 AM Jul 21, 2008 State Could Run Out of Unemployment Money by March A state projection shows Wisconsin's reserve fund for paying unemployment claims could run out of money by March. If that happens, the state would have to borrow money from the federal government to pay jobless claims to laid off workers for the first time in two decades. Reporter: Associated Press

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A state projection shows Wisconsin's reserve fund for paying unemployment claims could run out of money by March.

If that happens, the state would have to borrow money from the federal government to pay jobless claims to laid off workers for the first time in two decades.

State Department of Workforce Development Secretary Roberta Gassman oversees the unemployment program. She says state officials are watching the fund carefully, given the struggling economy.

As of July 15, the fund had $431 million.

State Division of Unemployment Insurance administrator Hal Bergan says continued high jobless claims could leave the fund $6.2 million short by next March.

The state borrowed millions of dollars from the federal government to keep the fund solvent during an economic slowdown in the early 1980s.

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