via economist.com
WHILE campaigning for re-election as governor of Texas last year, Rick Perry often said that he was not too worried about the state’s projected budget shortfall. Bean-counters in Austin, the state capital, had come up with sobering projections, but none of these were official estimates. But now the numbers are in. The comptroller, Susan Combs, recently totted up the receipts and handed down her verdict: $27 billion short for the 2012-2013 two-year budget period, with $72.2 billion available in general revenue funds, against a projected outlay of $99 billion. The state has only an estimated $9.4 billion in its “rainy day” fund.
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