CHICAGO — Michigan would issue $3.2 billion or more of bonds to repay federal loans for unemployment benefits under a pair of bills that the Senate Finance Committee unanimously approved Wednesday.

The legislation would make Michigan the third state to issue bonds to cover its federal unemployment liability, and the one with the largest offering. Texas sold $1.2 billion of bonds last November to pay off its federal shortfall, and Idaho sold $187.5 million in August. Both were highly rated deals that saw significantly lower rates than the 4.1% that states pay to the federal government on its loans.

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