Texas House OKs proposal to pay off some of state's $44 billion debt

AUSTIN — With hardly any debate and no amendments, the Texas House of Representatives on Tuesday tentatively approved a proposal to pay off some of the state’s $44 billion debt accumulated since 2003 when the Legislature faced a $10 billion shortfall.

“This is prioritizing responsible budgeting and fiscal transparency this session,” Rep. John Otto, chairman of the budget-writing House Appropriations Committee, said when explaining House Joint Resolution 8 — a constitutional amendment Texas voters would have to approve in November.

“Great economic times do not last forever,” Otto, R-Dayton, said.

The unspecified amounts would come from surplus dollars going into the Economic Stabilization Fund, the state savings account commonly known as the Rainy Day Fund.

Read more: http://lubbockonline.com/filed-online/2015-04-07/texas-house-oks-proposal-pay-some-states-44-billion-debt#.VSSAG-Hy3SI