Should Texas Tap Rainy Day Fund to Ease Shortfall?
States across the nation are making similarly dramatic budget cuts, but just about everyone admits it's raining in Texas. Falling revenues and a number of other factors could force up to $27 billion in cuts to the state's two-year budget.
But is it a hurricane, a downpour or just a sprinkle? The state's ever-positive Republican governor, Rick Perry, still has his sunglasses on and is pushing to cut the budget instead of opening the piggy bank, or, as it's known, the Rainy Day Fund.
"Emptying the savings account to pay for recurring expenses is a bad ...
Comments (2)
Brent Connett
The best possible outcome this session would be balancing the 2012-13 budget without raising taxes and without tapping into the Rainy Day Fund. To continue with the weather metaphors: a storm is on the horizon. Assuming ObamaCare is not repealed or significantly amended, the law will place a multi-billion dollar new strain on the 2014-15 state budget.
Karen Cummings
The best possible outcome would be to do a combination of increase taxes, cut spending and tap into the Rainy Day Fund.