When It Rains, Use Your Umbrella

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Dick Lavine /(512) 320-0222 x 101

February 10, 2009

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Texas should use the Economic Stabilization Fund, commonly called the Rainy Day Fund, to maintain essential services during tough economic times and to stimulate our economy. The state created the fund in reaction to the experience of 1986, when plummeting oil prices required the governor to call a special legislative session to cut the state budget and raise taxes. The constitutional purpose of the fund is to maintain vital state services during economic downturns. The comptroller forecasts that the fund will have $9.1 billion available for appropriation through 2011.