The Labor Department said the repeal was necessary because the economic slowdown since the Sept . 11 attacks has depleted state unemployment trust funds, leaving 28 states with less than 12 months of benefits in reserve.
22.
But unemployment trust fund experts, including a 1993 congressional commission that studied the issue, said the trust fund should have $ 1.2 billion to $ 1.5 billion in reserve to cover 18 months of unemployment benefits in a normal recession.
23.
But Richard C . Lord, executive vice president of legislative policy at Associated Industries of Massachusetts, said such a plan would strip the state of its competitive edge and put too great a burden on Massachusetts'$ 1.8 billion unemployment trust fund.
24.
But Birmingham said he is willing to compromise and will back the rate reduction, a top priority of business leaders, once the unemployment trust fund, which stood at $ 840 million at the end of December, rises to roughly $ 1.2 billion.
25.
Eric Oxfeld, president of UWC-Strategic Services, an association representing employers on unemployment insurance issues, said plans to provide paid leave " will be debated in every state in the country " unless business groups succeed in stopping raids on unemployment trust funds.
26.
At the time, Richard C . Lord, executive vice president of legislative policy at Associated Industries of Massachusetts, which represents 5, 000 businesses, said such a plan would strip the state of its competitive edge and would put too great a burdeon on Massachusetts'$ 1.8 billion unemployment trust fund.
27.
Over the past three years, for example, the amount of nonmarketable securities in the Social Security trust fund has risen from $ 567 billion to $ 893 billion; the highway trust fund from $ 22 billion to $ 31 billion; the airport-airway fund from $ 6 billion to $ 13 billion, and the unemployment trust fund from $ 62 billion to $ 86 billion.
28.
" North Carolina employers have shouldered the financial responsibility in repaying this $ 2.8 billion debt and $ 283 million interest to the federal government since 2011, " said DES Assistant Secretary Dale Folwell . " In the last year we have made tremendous progress and have reached a reserve balance of over $ 1 billion in the state unemployment trust fund.
29.
The bill would revise the formula for calculating the baseline for discretionary spending for the budget year and each outyear to eliminate adjustments for : ( 1 ) expiring multiyear subsidized housing contracts; ( 2 ) administrative expenses of the Federal Hospital Insurance Trust Fund, the Supplementary Medical Insurance Trust Fund, the Unemployment Trust Fund, and the Railroad Retirement account; ( 3 ) offsets to federal employees'annual pay; and ( 4 ) certain inflators used to adjust budgetary resources in the Act.
