Ohio unemployment fund runs out

Ohio unemployment compensation fund runs out, kicking in federal money to keep payments going

• On 3:48 pm EST, Monday January 12, 2009

COLUMBUS, Ohio (AP) -- Ohio's unemployment compensation fund has been depleted, forcing the state to begin borrowing federal funds.

Officials say no disruptions in benefits are expected.

The Ohio Department of Job and Family Services said Monday the federal government has already approved $500 million to be borrowed by Ohio to pay benefits in January and February. The state has requested that it be able to use $50 million of that amount to pay benefits this week.

Agency spokesman Dennis Evans said Ohio is committed to preventing the unemployed fund from missing any payments.

Ohio and many other states have seen their unemployment funds decrease drastically as the number of unemployed workers has surged amid the recession.