CBS 11 Header TXA 21 Header MeTV Header KRLD Header The Fan Header
CBS DFW WEATHER APP: iPhone App Store | Android App Coming Soon | More Information

Local

State’s Rainy Day Fund Climbs To $8.1 Billion

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

From Our CBS Music Web Sites

625x352 thrill eng preview States Rainy Day Fund Climbs To $8.1 BillionWin A Trip To Disneyland!

82641739 10 States Rainy Day Fund Climbs To $8.1 BillionHottest Sunbathers Of The Summer

95790575 States Rainy Day Fund Climbs To $8.1 BillionOne Husband's No Sex Spreadsheet

 alt=Win $1000!

 alt=Musicians Then And Now

Fantasy_tile

VOTE: Best Coaches In American Sports

AUSTIN (AP) - The balance in the state’s Rainy Day Fund is climbing to $8.1 billion.

A director from the Texas comptroller’s office Wednesday told lawmakers the state’s emergency savings account is expected to hit that number when nearly $2 billion in anticipated oil and gas tax collections is transferred into the fund next month.

Whether the state should use the money is a perennially divisive subject. Republican Gov. Rick Perry and fiscal conservatives are generally reluctant to use the fund to cover shortfalls, preferring instead to make cuts to reduce spending.

Only six times in two decades have lawmakers tapped into the fund. The last was in 2011, when about $3 billion was spent to help close the budget deficit.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Also Check Out:

View Comments