New York State adds $2 Billion to its unemployment insurance budget

According to the New York Times the state of New York as increased its budget for paying out unemployment insurance claims by $2 Billion... Now the Budget is $5 Billion/year vs $3 Billion/year.

This is because there is now 420,000+ New Yorkers collecting unemployment vs 175,000 New Yorkers last year---and this number is rising by ~25,000 each and every week as New York's unemployment rate hits 7% last month.

The maximum weekly unemployment insurance benefit in New York is $405. Which is lower than it's neighboring states--New Jersey ($584), Connecticut ($576) and Massachusetts ($628)