CNN: California the First State to Borrow from the Federal Gov’t to Pay for Unemployment Benefits

EXCERPT:

HILL: "California has become the first state to borrow from the federal government to pay for unemployment benefits during the pandemic. Joining me now, CNN chief business correspondent Christine Romans and CNN anchor and correspondent Julia Chatterley. Christine, as we look at this, more than 4 million unemployment claims in California since mid-March and the state can’t pay anymore."
ROMANS: "And the governor there saying basically its unemployment insurance trust fund is almost depleted here, and they’re going to keep paying people, so they’re tapping the federal government for help to do that. I think this really underscores, Erica, the tidal wave of joblessness in America. We already know that New York has also had an awful lot of these unemployment claims as well and has suggested it may also have to borrow money to make sure everyone gets paid. In California you’re paid up to $450 a week and then there’s 600 extra a week from the federal government, all of that meant to keep people whole. But in many of these big states we’ve had all kinds of trouble in delays in getting the aid to people. There are folks who are listening to us this morning, hearing about jobless claims, and they’re like, 'Well, I filed a month ago and I don't have anything yet.' So still a lot of work to be done to get the money into the hands of people."