RALEIGH (WTVD) -- More than half of all U.S. states have borrowed heavily from the federal government to pay unemployment benefits as the economy dipped.Read the full article
North Carolina ranks fifth on that list. So far, we've borrowed $2.5 billion and there's no plan for how to pay it back.
Just last week, the first interest payment came due. It was $78 million.
"Just on the interest, oh yeah, we haven't even touched the principle," explained Sen. Bob Rucho (R) Mecklenburg.
If nothing is done, the debt will automatically trigger a tax on North Carolina businesses.
"It's going to require additional taxes to pay the debt back," said Harry Payne with the NC Justice Center.