Jobless Insurance Nearly Bankrupt/Arnie Urged by Davis to Seek U.S. Loan

[kskiska]

Jobless insurance is nearly bankrupt
Schwarzenegger urged by Davis to seek U.S. loan

Sacramento -- Gov. Gray Davis has warned Gov.-elect Arnold Schwarzenegger that California's unemployment insurance system will go bankrupt only weeks after he takes office, forcing the state to seek its first-ever bailout loan from the federal government that could top $1.17 billion.

Schwarzenegger arrives today in Washington for a round of meetings with federal authorities, and the looming failure of the state's unemployment insurance fund presents a major problem for the incoming Republican governor. He must decide within two weeks of being sworn in to seek the federal bailout, ask the Legislature to cut unemployment benefits immediately or raise taxes on business to cover the losses.

A federal loan would mark the first time California has been forced to beg for money from U.S. authorities for its unemployment insurance program, which is expected to go bankrupt in January. Six other states, including Texas,

New York and Illinois, have applied for similar bailout loans since last year during the national economic decline.

more…
http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2003/10/28/MNGVG2KO751.DTL

[jiacinto]

1. Well good luck

He'll need it.

[Hand]

2. Yeah, considering...

that that overbulked sissy boy has neither brains nor guts... and as one comedian once remarked, "Go ahead and pump up your muscles! It just makes your penis look THAT MUCH SMALLER!"