State Budget Picture Not as Rosy as It May Seem

*Correction appended

The state’s economy is booming, relatively speaking. Tax revenue is far higher than the comptroller had predicted. The Rainy Day Fund has so much money that it might hit a cap. Hardly anybody even knew that particular savings account had a limit, and why would they — why would the state ever hoard $9 billion or $10 billion?

But the state’s financial outlook isn’t as rosy as it appears to be, particularly if state lawmakers want things to run the way they run now.

It’s the central problem of state government in Texas: Lawmakers here and in Washington ...

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