Michigan cuts jobless benefits by 6 weeks

rick_snyder.top.jpgMichigan Gov. Rick Snyder has signed legislation that cuts extended jobless benefits by 6 weeks. By CNNMoney staff


NEW YORK (CNNMoney) -- Michigan has reduced unemployment benefits, with Gov. Rick Snyder signing into law a bill cutting the payouts by six weeks.

Snyder signed the bill late Monday, cutting extended benefits to workers to 20 weeks from 26 weeks.

A growing number of states are looking to cut back on jobless benefits to minimize the increase in unemployment taxes businesses pay . State officials are concerned that these tax hikes could deter companies from hiring.

The tab businesses will pay is likely to grow. The surge in unemployment over the past three years has forced many states to wipe out their own funds for benefits and borrow from a federal pool. Some 32 states owe $45.7 billion to the federal fund.

Snyder, in a statement announcing the signing, said the law was necessary to maintain benefits for about 35,000 Michigan workers. He said that, as of April 1, Michigan would have no longer qualified under federal programs allowing states with high unemployment to pay extended benefits.

"These benefits are a lifeline for many Michigan families who are struggling in this challenging economy," Snyder said. "Cutting them off so abruptly would have jeopardized the well-being of those who are trying hard to find work.

--CNNMoney senior writer Tami Luhby contributed to this report. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,909.51 -2.60 -0.02%
Nasdaq 4,467.95 25.25 0.57%
S&P 500 1,973.74 3.79 0.19%
Treasuries 2.55 0.09 3.53%
Data as of 2:33pm ET
Company Price Change % Change
Bank of America Corp... 15.63 0.29 1.89%
Facebook Inc 74.82 1.11 1.51%
Genworth Financial I... 14.12 -2.14 -13.13%
Pfizer Inc 29.34 -0.12 -0.42%
Apple Inc 98.51 0.13 0.13%
Data as of 2:18pm ET

Sections

French toast with enough saturated fat to last a week, a burger with more than three days worth of sodium and a stack of seafood with more than a day's worth of calories top this year's Xtreme Eating list. More

The economy is strengthening but the Federal Reserve is sticking to its plan to gradually cut back on stimulus. There were no hints about when a rate hike may be coming. More

Restrictive immigration policies prevent talented entrepreneurs from launching businesses in the U.S. So, they're moving to Canada. More

Steve Mason, a pastor from California, inherited more than $100,000 in student loan debt when his 27-year-old daughter died suddenly in 2009. With interest and late penalties, the debt has since ballooned to $200,000. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.