North Carolina's $2.8 billion debt to U.S. Labor, Treasury departments is paid

[Omaha Steve]

Source: Journal Now

Richard Craver

A key element of a controversial decision to lower the state’s unemployment insurance benefits came to fruition Tuesday when North Carolina paid off the final portion of a $2.8 billion debt to the federal government.

Gov. Pat McCrory hailed the accomplishment, of which $2.5 billion in payments occurred since he took office.

“This will give employers certainty about the cost of doing business in North Carolina,” McCrory said.

The General Assembly passed legislation in 2013 that targeted the elimination of the debt to the U.S. Labor and Treasury departments. The state borrowed money to pay extended state UI benefits from 2008 to 2011, having at one time one of the largest borrowing totals in the country.

FULL story at link.


Read more: http://www.journalnow.com/news/local/north-carolina-s-billion-debt-to-u-s-labor-treasury/article_b30bfb9c-f347-11e4-b482-17499363c1fd.html

---

Paid off and still reducing the UI benefit.

[Romeo.lima333]

1. where'd the money come from?

[blm]

2. Taxes for working class went up in NC, even as they were reduced for the financial elites.

.

[Romeo.lima333]

3. i would have guessed groups pension fund