- Posted January 05, 2012
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State issues bonds, pays $3.2B to U.S. Treasury
LANSING (AP) -- Michigan is paying off more than $3 billion borrowed from the federal government since 2007 to cover unemployment benefits for people who lost jobs.
The state sold $3.3 billion in bonds last week Wednesday, then sent most of the money to the U.S. Treasury. About $40 million borrowed from Michigan's general fund is also being restored.
Michigan employers will repay the bonds. As a result, some companies will see their unemployment-insurance payments go up. Paying off the federal loan eliminates hefty penalties and interest that employers were required to send to Washington.
Published: Thu, Jan 5, 2012
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