The Evening Brief: April 16, 2012

New in The Texas Tribune:

• Updated: Perry Unveils "Texas Budget Compact": "In his first major policy initiative since leaving the presidential campaign trail, Gov. Rick Perry called on his fellow Texas politicians today to sign on to a pledge to cut spending, hold the line on taxes and adopt strict limits on how much government can expand in the future."

• Obama Endorses U.S. Rep. Reyes' Bid for Re-election: "On the heels of last week’s announcement that former President Bill Clinton is endorsing U.S. Rep. Silvestre Reyes, D-El Paso, Reyes' campaign announced today that President Obama is also lending his support."

• James Raises $268,000, Gives Campaign $750,000: "U.S. Senate candidate and former ESPN college football analyst Craig James reported raising more than $1 million — 74 percent of that total from himself — in the first three months of the year."

Culled:

• School finance trial to start in late October (The Dallas Morning News): "State District Judge John Dietz on Monday said a lawsuit filed by hundreds of school districts seeking to overhaul the Texas school finance system will go to trial on Oct. 22. The trial, which is expected to last at least six weeks, will pit four groups of school districts against the state in a legal battle that has been brewing for the last few years. Dallas and several other districts from North Texas are among the plaintiffs."

• Drought sparks dispute between Texas, Mexico over release of Rio Grande water to farmers (The Associated Press): "Texas officials have made clear with a strong rebuke of the decision to release the spring’s first Rio Grande waters to Mexican farmers that every drop will be monitored as both sides of the border suffer through a historic drought."