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Wednesday, February 09, 2011
Obama to propose relief for states burdened by debt from unemployment benefits
Lori Montgomery and Brady Dennis ―
Washington Post
States that have borrowed billions of dollars from the federal government to cover the soaring cost of unemployment benefits would get immediate relief from the Obama administration under a plan to suspend interest payments for the next two years.
The proposal, which will be included in the budget request President Obama will send to Congress next week, would allow states to avoid raising taxes on employers to cover the payments - which are projected to total $3.6 billion through 2012, according to independent estimates.
Obama also would suspend automatic hikes in the federal unemployment tax scheduled to hit employers in nearly half of the states by the end of next year.
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