California?s unemployment fund, which pays benefits for the state?s unemployed, was placed on the agenda for next week?s special Legislative session, called by Gov. Arnold Schwarzenegger. The program in 73 years old, and sources of revenue haven?t been re-evaluated since 1984. Unemployment in California currently resides at a 12-year high, and officials expect the program to post a one-billion dollar deficit by March of 2009. Many of the currently unemployed have been granted a benefit extension, and with Congress considering a second extension, fixing the fund has never been more pressing. Lawmakers hope to find a way to stimulate the economy and grow jobs, because a Republican and business dominated Legislature make prospects for higher taxes slim.
See "Schwarzenegger to press Legislature to bolster unemployment fund", Marc Lifsher, Los Angeles Times, November 4, 2008