New York will eliminate more than $6 billion in unemployment insurance debt through the new state budget, according to Spectrum News. Governor Kathy Hochul reversed course after initially pledging to pay only the interest.
The debt, accumulated during the pandemic, had raised business taxes and cut unemployment benefits. State Assembly Speaker Carl Heastie said the total payout will top $8 billion to stabilize the fund for future needs.
Business leaders praised the move, saying it will help employers rebuild and strengthen the fragile economy.
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