Texas Comptroller: Plunging Oil Prices 'Dampened' Budget Outlook
The first legislative session under Republican Gov.-elect Greg Abbott will begin with lawmakers having a so-called budget surplus of $7.5 billion.
But Republican Comptroller Glenn Hegar warned Monday that plunging oil prices is casting uncertainty as lawmakers return to work this week. Hegar said he expects the Texas economy to expand but at a slower pace than recent years.
Oil prices tumbled below $50 a barrel last week. Hegar said the energy slowdown has "dampened" his overall outlook.
Budget-writers will have $113 billion to spend when the Legislature reconvenes Tuesday. That's about $10 billion more than the current Texas budget.
At stake is whether Republicans can deliver significant tax cuts that many conservatives campaigned on a year ago. Abbott has also called for more roads.
(© Copyright 2015 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
Latest News:
Top Trending: