DALLAS — Texas will draw up to $3.2 billion from its rainy-day fund to close a revenue shortfall in fiscal 2011 under an accord approved Tuesday by Gov. Rick Perry.

The drawdown — along with $300 million of unexpected sales-tax revenue and $856 million of budget cuts that have been implemented over the past two years — will cover a revenue gap that had been estimated at $4.3 billion.

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.