Issue Position: Biennial Budget Balanced without New Taxes

Issue Position

In today's economic climate Texas has managed the impossible: We have crafted a budget that does not create new taxes. While numerous other states are suffering billion dollar deficits and asking the federal government to bail them out, Texas once again managed to balance its budget. Additionally, we avoided raiding our state's "Rainy Day" Fund and can save it for future emergencies. That fund will have over $9 billion in revenue. It is an amazing accomplishment that the 81st Legislature managed not only to balance its budget but to do it with $9 billion in reserve.

Senate Bill 1, the state's two-year budget, amounts to a total of $182.3 billion. The bill spends fewer dollars in state money than the last budget. S.B. 1 contains a $7 billion boost to higher education and a $1.9 billion increase for public education. On healthcare, the budget reduces health related waiting lists, adds funding to improve state schools for the mentally disabled, and adds $450 million in bonds for cancer research. For more budget information you can go to www.lbb.state.tx.us

Source