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Bill To Tap Rainy Day Fund Before Texas House

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Texas State Capitol

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AUSTIN (AP) – The Texas House is debating legislation Thursday that would make up for a $4 billion deficit in the current budget.

The measure makes about $800 million in cuts and assumes the use of about $3.2 billion from the Rainy Day Fund to close the gap in spending for the budget period ending August 31.

Democrats have suggested taking money away from Governor Rick Perry’s housing funds and his economic development accounts to give more money to colleges. Democrats have also urged using more of the fund for the next state budget to help avoid staggering cuts in the face of a revenue shortfall.

The amendments have been rejected by Republicans on party line votes.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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