Texas Budget Deficit Shatters Myths About California's Deficit
By Robert CruckshankWell, well, well. For years now we've been hearing that California's budget problems exist because we "overspend." Others claim it's because our taxes are so high that companies and jobs move to low-tax states. Texas is often held out by those making these claims as an example of what California should emulate - a low-tax, low-services, low-spending state that supposedly has government figured out.
Except they don't. California faces a budget deficit of about $18 billion. And how much is Texas's budget deficit?
That's right. $18 billion:
But as the state's budget shortfall widens-to as much as $18 billion, or about 20% of the next two-year budget, according to the state legislature's latest analysis released earlier this month-critics are complaining that Mr. Perry's policies have left the state with little room to reduce spending.
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