Thursday, April 28, 2011
COLUMBIA, S.C. (AP) -- South Carolina Gov. Nikki Haley's plan to refinance the state's jobless benefit debt in order to help pay back massive federal loans would also cut the number of weeks people can draw checks.
The state's chronically high unemployment has led to loans approaching $1 billion. Employers have complained about higher unemployment taxes as the state repays Washington.
Haley Chief of Staff Tim Pearson said Thursday the governor wants to sell $180 million in revenue bonds. He likened the proposal to sell revenue bonds to refinancing a home loan.
The proposal Haley backs also limits jobless benefits to 20 weeks instead of the current 26. It also calls for reducing jobless payments if employers give workers severance pay.
The proposals need legislative approval.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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