2011 Budget Shortfall | Topic | The Texas Tribune
2011 Budget Shortfall
A budget shortfall as high as $25 billion is projected as lawmakers head into the 2011 legislative session, according to estimates from economists and the comptroller's office. Texas writes budgets biennially, or in two-year terms, so the shortfall affects the 2012-2013 state budget.
Leadership in the Texas Legislature, which is dominated by fiscal conservatives, is not expected to support attempts to raise taxes to fill the multibillion-dollar hole. But social service advocates say the state's safety net system can't afford any further budget cuts.
Texas’s Perry Faces Record Budget Gap on Revenue Drop
January 11, 2011, 10:31 AM EST
By David Mildenberg
Jan. 11 (Bloomberg) -- Governor Rick Perry, after touting Texas’s growth while holding down taxes and spending, faces the biggest two-year budget gap in state history and a challenge some compare to the 1980s, when an oil bust roiled the economy.
Texas’s revenue will fall 2.9 percent to $72.2 billion in the two-year fiscal period that begins Sept. 1 compared with the biennium ending in August, state Comptroller Susan Combs said yesterday in Austin. She said the state also faces a $4.3 billion deficit that must be closed by the end of August.