- Sep 2, 2008
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Texas Used Stimulus to Cover 97% of Its Deficit - Derek Thompson - Business - The Atlantic
[ame]http://www.youtube.com/watch?v=y8Kyi0WNg40&feature=related[/ame]
Turns out Texas was the state that depended the most on those very stimulus funds to plug nearly 97% of its shortfall for fiscal 2010, according to the National Conference of State Legislatures.
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.
In FY 2012, Texas' deficit is projected to come in at $12 billion, more than 30 percent of its budget -- the third highest rate in the country. But the states, which are collectively facing a $120 billion shortfall next year, are unlikely to see any more stimulus, in large part due to the efforts of conservatives like Gov. Perry, who have slammed the Recovery Act as a wasteful and ineffective government bailout. You make your own bed, etc.
[ame]http://www.youtube.com/watch?v=y8Kyi0WNg40&feature=related[/ame]