AUSTIN, Texas – While other states are still struggling with lagging economies and budget deficits, Texans will likely see a surplus in the next biennium’s budget, according to preliminary figures released Monday by the Comptroller of Public Accounts.
The president of the Texas Public Policy Foundation, Brooke Rollins, said the news only underscores the importance of sound fiscal policy and spending restraint.
“When lawmakers put the well-being of the taxpayer ahead of the never-ending demands for increased spending, everyone benefits,” said Rollins. “The governor, lieutenant governor and the state’s legislative leadership stood firm for the taxpayer, and as always sound policy pays off.”
The Texas Public Policy Foundation last Session demonstrated the economic importance of balancing the $10 billion deficit through responsible spending instead of increased taxes.
As lawmakers gather for the 79th Session, Rollins says they have the opportunity to ensure continued economic growth and budget health.
“Lawmakers should enshrine fiscal discipline in the state’s Constitution by enacting a strong tax and spending limitation measure that ties budget growth to the increase in population and inflation. Colorado has had such a measure for more than a decade with tremendous results.”
A study on the effects of such a limitation is available at www.texaspolicy.com/pdf/2004-08-TEL.pdf.