SACRAMENTO, Calif. -- The state Unemployment Insurance Trust Fund is about to run out of money, but unemployed Californians will still get their benefits.
The state has secured a $1.8 billion federal loan to cover the roughly $34 million in benefits it pays out everyday. It is the second time in the fund's 60-year history that it will borrow money from the federal government.
In 2004, the state got a loan to cover one month of expenses.
