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Unemployment Fund Deeper In The Hole Than Expected

Last updated on Thursday, September 10, 2009

(UNDATED) - Indiana’s unemployment trust fund is half-a-billion dollars deeper in the hole than expected, and the red ink is expected to hit $700-million by year’s end.

The news from Indiana's Department of Workforce Development reflects the state's soaring jobless rate, and comes on top of $1.1 billion dollars the state has already borrowed from the government to continue paying benefits.

Legislators passed a $700 million dollar bailout package this year that was expected to get the fund back in balance in three years.

With the updated figures, senate tax and fiscal policy chairman Brandt Hershman says that projection has doubled to six years.

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