Texas, which crafts a budget every two years, was facing a $6.6 billion shortfall for its 2010-2011 fiscal years. It plugged nearly all of that deficit with $6.4 billion in Recovery Act money, allowing it to leave its $9.1 billion rainy day fund untouched.
Even as Perry requested the Recovery Act money, he railed against it. On the very same day he asked for the funds, he set up a petition titled “No Government Bailouts.”
Another bald-faced (and bold font) lie from Red South - but what else can we expect?
According to USGovernmentSpending.com, state debt in Texas in the year 2000 was $19.2 billion. At the end of 2010, it was $27.3 billion. Even if you don't account for inflation, that is only a 42% increase. If you account for inflation, it is a 16% increase, or 1.6% per year.
The people voted in 2001 to allow bonds - debt - for roads and transportation for the first time. Our debt is still almost all the sort, like student loans and bonds for roads, that is called “self-supporting.”
That means that it is paid for by the interest payments as the bonds and student loans are paid off.
By the Texas Constitution, we are not allowed to have more than 5% of our debt that is not self supporting. In fact, we have decreased non-self-supporting debt.
And, we had received an *up grade* in our bond rating this month.