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To: 92nina

Isn’t Texas running a deficit? IIRC they are one of the top debtor state’s despite being celebrated token of conservativism.


2 posted on 03/13/2012 10:30:33 AM PDT by douginthearmy (Obamagebra: 1 job + 1 hope + 1 change = 0 jobs + 0 hope)
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To: douginthearmy
Nope. The State of Texas MUST have a balanced budget every year, according to the Constitution.

Any debt incurred must be funded by bonds and approved by the voters in Texas. The bonds must be self-satisfying (meaning, they must include their own funding mechanism). Debt must not exceed 5% of State GDP.

New road? Must be a toll road. Loans to veterans? Must be paid back. Funds to build a new hospital? Paid back by patients who use it. Lots of bonds are paid off early, too.

VERY different from how a lot of states operate.

3 posted on 03/13/2012 10:56:13 AM PDT by TheWriterTX (Riding the Long-Wave Economic Contraction, Baby!)
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