Saturday, November 19, 2011
 
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Quinn signs Ill. deal on unemployment insurance

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[November 19, 2011]  SPRINGFIELD (AP) -- Illinois Gov. Pat Quinn has signed legislation that aims to cut down on how much the state pays to borrow money for unemployment insurance payments.

Right now, Illinois pays so much in unemployment benefits that it must borrow money from the federal government. The interest from borrowing that money costs the state's businesses millions of dollars.

The bill Quinn signed Friday would let the state issue bonds to borrow money at lower rates. Supporters say the change would save Illinois about $240 million over the next few years.

It is also expected to save businesses about $400 million and let many pay lower rates to the unemployment system.

The Illinois Retail Merchants Association says the bill will help businesses grow.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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