Tags: Haley | Refinance | Huge | Federal | Loans

Gov. Haley to Refinance Huge Federal Loans

Friday, 29 Apr 2011 09:52 AM

  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
South Carolina’s Republican Gov. Nikki Haley unveiled a plan Thursday to refinance huge federal loans the state needed to pay unemployment benefits in a move to lower taxes for some businesses.

south carolina, federal, loansThe governor’s top aide said her proposal would issue revenue bonds to pay to help pay $972 million the state took in federal loans, which were used to help pay benefits to the state’s jobless, Forbes reported Friday. As part of the proposal, unemployment benefits would be reduced to 20 weeks, instead of 26.

The debt restructuring would also soften the blow to businesses, some of who saw taxes go up by hundreds of dollars last year to help pay for unemployment benefits.

Tim Pearson, Haley’s top aide, said the state’s not looking to borrow more.
"We're not borrowing any more money. It's just a shift in who the repayments go to," Pearson said.

The bonds would be paid back by employers in the state’s worst unemployment tax rate classifications over the next seven years.
"The governor will not support any scenario where the taxpayers or other businesses are on the hook to give relief to these businesses because it's a well-structured program," Pearson said.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Tapeworm in Brain of Man for 4 Years Removed by Surgeons

Saturday, 22 Nov 2014 17:33 PM

A tapeworm that not only lived in a man's brain for four years but traveled from one side of the brain to the other has  . . .

Window Washer's 11-Story Fall Ends Atop Car - He Survived!

Saturday, 22 Nov 2014 17:14 PM

A window washer survived with critical injuries after falling 11 stories from the roof of a San Francisco bank building  . . .

Georgia O'Keefe $44 Million Painting Most for Woman Artist

Saturday, 22 Nov 2014 16:49 PM

A new world auction record for women artists was set when a painting by late American artist Georgia O'Keeffe sold for m . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved