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Governor Borrows $500 Million For Tax Refunds

Governor Bev Perdue plans to borrow five hundred million dollars from several state accounts to help pay tax refunds.

Governor Perdue says there's not enough money in the state's rainy day fund to cover the cost of all the tax refunds the state has begun to process. But she says there is enough money in about a dozen other funds that she can use.

"We have gone to existing pots of money and are doing interfund transfers to allow us to have a corpus to make these tax refunds on overpayments timely, the 30 to 45 days. and if you do it with these interfund transfers, you're not paying your bills, you're getting people the money that they're owned."

The Democratic governor says the money will be repaid with interest before July first. But Republicans criticize the governor for using money they wanted her to dip into to help ease a looming budget shortfall.

Jessica Jones covers both the legislature in Raleigh and politics across the state. Before her current assignment, Jessica was given the responsibility to open up WUNC's first Greensboro Bureau at the Triad Stage in 2009. She's a seasoned public radio reporter who's covered everything from education to immigration, and she's a regular contributor to NPR's news programs. Jessica started her career in journalism in Egypt, where she freelanced for international print and radio outlets. After stints in Washington, D.C. with Voice of America and NPR, Jessica joined the staff of WUNC in 1999. She is a graduate of Yale University.
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