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Updated: 1:42 p.m. Thursday, March 31, 2011 | Posted: 1:42 p.m. Thursday, March 31, 2011
AUSTIN, Texas —
The measure makes about $800 million in cuts and assumes the use of about $3.2 billion from the Rainy Day Fund to close the gap in spending for the budget period ending Aug. 31.
The bill that would tap the money from the reserve fund was next on the agenda.
Using the Rainy Day Fund, expected to have a balance of at least $9.4 billion, has run into resistance, but an agreement with Gov. Rick Perry has cleared the way to use the money.
Democrats have urged using more of the fund for the next state budget to help avoid staggering cuts in the face of a revenue shortfall.
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