December 12, 2016
Just ahead of the Texas 2017 legislative session, the Legislative Budget Board adopted a Constitutional Spending cap of 8% over the next two years. The state’s lawmakers will have approximately $99.8 billion of tax revenue for new state spending, that is not dedicated to other purposes as directed by the Texas Constitution.
The amount is lower than the 11.7% spending cap on new state spending approved for the 2015 legislative session. The lower cap is the result of the downturn in the oil and gas industries. The Legislative Budget Board consists of the Speaker of the House, Lieutenant Governor and eight members of the Texas congress.
“Today’s vote will allow the Legislature to produce a balanced, responsible state budget,” said House Speaker Joe Straus in a statement. “It will also allow us to make strategic investments in priorities such as education, child protection and mental health care. The House will continue to practice fiscal discipline while addressing the core needs of our growing state.”
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