No. of Recommendations: 0

.........Discover Yahoo! With Your Friends.Login. close.. ... ..This story comes from the Yahoo! Contributor Network, where individuals publish their unique perspectives on some of the world’s most popular websites. Do you have a story to tell? Become a Yahoo! contributor........Texas Legislature to Wrestle Over What to Do with Unexpected Budget Surplus
..By Mark Whittington
.PostsWebsite .By Mark Whittington | Yahoo! Contributor Network – 20 hrs ago....Email0Share0
Bloomberg reports that when the Texas Legislature begins its 2013 session it will face a problem that most states will kill for. Texas will likely have a budget surplus of around $8 billion. The question arises, how to spend it?

How Texas arrived at a surplus

In 2011, when it looked as if Texas was facing a multi-billion-dollar budget deficit, the Texas Legislature cut spending, especially funding for education, Bloomberg notes. However, partly because of the fracking boom, revenues from the sale of oil and gas soared, bringing in unexpected tax revenues. The jobless rate also declined sharply, currently down to 6.2 percent. Revenue from sales taxes has increased as well. Steve LeBlanc, co-founder of CapRidge Partners LLC in Austin, is quoted as suggesting that Texas has the financial strength of Germany and the cost competitiveness of China.

Democrats: restore education cuts

Democrats in the Texas Legislature sense an opportunity to spend the surplus. The Burnt Orange Report, for example, reflecting Democratic thinking, suggests restoring some or all of the 2011 cuts that were enacted on education funding. Health care funding is another area Democrats are keen to increase.
Meanwhile Illinois has a 10 billion dollar backlog of bills.

RT @iowahawkblog: Idiot slack-jawed anti-science Bible-beater hillbilly Texas legislature lowers taxes, end up with... $8 billion surplus
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.