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State revenue will plummet, says Comptroller

The state of Texas will have $9 billion less to spend than in the last biennium, reports the Dallas News ("Texas revenue estimate down by $9 billion," Jan. 12):Comptroller Susan Combs today estimated that Texas has about $9 billion less to spend ? $77 billion ? than it did two years ago. Combs called her revenue estimate, which caps how much lawmakers can spend in the legislative session that begins Tuesday, ?decidedly cautious.? While Texas dodged many bullets in a national economic slowdown that began just over a year ago, the Republican comptroller said the state?s prosperity has cooled because of raging turmoil in financial, housing and auto markets. ?The effects of what may become the worst national recession in many decades will be too large to avoid,? she said...continue to full post

Full post as published by Grits for Breakfast on January 12, 2009 (boomark / email).