A plan to pump up Missouri’s unemployment insurance program, without having to borrow money from the federal government, could be approved by the State Senate this week. Senator John Loudon of Ballwin suggests the state borrow money from Missouri banks, which he says would be much cheaper than borrowing from the federal government. Loudon says money can be borrowed from Missouri banks at two percent interest, while the federal interest rate is six percent. The state continues paying unemployment checks, using the money it already has borrowed from the federal government.
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