The first outline of a spending plan from the Texas Legislative Budget Board calls for deep cuts in public education, programs for the needy, and criminal justice, while preserving a $9.4 billion rainy-day fund.

The proposal calls for spending of $156.4 billion from all revenue sources, which is $31 billion, or nearly 17%, below the current budget. State general revenue outlays of $79.3 billion represent a decrease of $9.2 billion or 10.4% from the 2010-11 budget.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.