Colorado’s borrowing big bucks to cover its unemployment insurance fund

As economic activity has failed to significantly pick up during 2010, Colorado is among numerous states borrowing from the federal government to cover deficits in its unemployment insurance fund.

Original reports in the late spring of this year indicated that the state had borrowed roughly a quarter of a billion dollars to shore up the fund. That figure now stands at $368 million, according to a U.S. Treasury website.

When measured on a per-capita basis, Colorado is not as deeply in hock as several other states. However, the prospect of continued borrowing still has some legislators concerned. The loans will begin to accrue interest beginning in January. – More -