Hochul will drain reserves to pay off $7B in unemployment insurance debt for businesses in last-minute budget move

Source: New York Post

Gov. Kathy Hochul is delivering a big win to businesses that have been pressuring her to pay off their billions of dollars in unemployment-insurance debt — but she’s stealing the cash from state reserves to do it. Hochul said Monday that the state will cover the roughly $7 billion debt still lingering for employers from the pandemic.