The Arizona Department of Economic Security warned last week that the unemployment benefits fund will run dry by March without a $600 million loan from the federal government due to unprecedented demand from jobless workers.

Gov. Jan Brewer is expected to apply for a loan from the U.S. Treasury Department in December or January. As of mid-October, 22 states had borrowed a total of more than $19 billion to pay unemployment benefits.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.