Update: The Legislative Budget Board approved a 10.7 percent spending increase for the 2014-2015 budget. That means – for now – that lawmakers can spend up to $77.9 billion in the two year budget.
That amount will go up in a few months, as lawmakers add billions to the current budget to pay for an underfunded Medicaid system.
Republican lawmakers pledged today to spend less than the cap allows – no matter the number.
Original Post (10:14 a.m.): The Texas Legislative Budget Board is meeting this morning to set the state’s spending cap for fiscal years 2014-2015.
Governor Rick Perry and Lieutenant Governor David Dewhurst have called for an amendment to the state’s constitutional spending limit.
The board will hear a report from the Texas Comptroller about the financial condition of the state.
Perry has said that a tighter budget cap is necessary even if more money is being collected.
You can read more on the financial and political implications of the budget cap from the San Antonio Express-News.
