Good morning,

Here is today's Texas Minute.

– Brandon Waltens

Monday, January 25, 2021

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The process of writing and passing the state budget for 2022-2023 has officially kicked off, with both the Texas House and Senate filing their base budgets to act as the starting point as the legislative session continues.

Passing a balanced budget is one of the only constitutionally mandated tasks of the state Legislature. This session, however, lawmakers have far less leeway than they have in previous years.

Earlier this month, Comptroller Glenn Hegar told lawmakers they would face a $1 billion shortfall [[link removed]], as well as a projected 0.4 percent decrease in general revenue, in light of the economic effects from coronavirus-related shutdowns. Both chambers allocate $119.7 billion in general revenue spending, $3.2 billion less than the 7.06 percent spending limit adopted by the Legislative Budget Board in November 2020.

Neither budget relies on increased taxes or taps into the Economic Stabilization Fund, also known as the rainy-day fund. “This is not the first time Texas has seen difficult economic times. We are committed to maintaining our fiscal integrity using the conservative budget principles that will ensure Texas remains a job-creating engine for the nation and a major player in the global marketplace.” –Lt. Gov. Dan Patrick

“The decisions we make during the 87th Legislative Session will have lasting effects on the future of our state, which is why the House will work to improve our business climate, foster economic prosperity, and do what’s right for our students.” –House Speaker Dade Phelan In a time when so many Texans have struggled under coronavirus-related shutdowns, is it enough for the Legislature to simply keep spending in check?

Texans for Fiscal Responsibility [[link removed]] says, while it’s encouraging that the proposed budgets don’t raid the rainy day fund or increase taxes, they do nothing to provide tax relief.

“As proposed, the budget fails to adequately prioritize tax relief for overburdened Texans struggling in the face of high taxes, government mandates, and shutdowns. Texas lawmakers should prioritize a full reopening of the economy and further regulatory and tax relief for hardworking taxpayers.” –TFR President Cary Cheshire

After taking last week off, the Legislature is scheduled to return tomorrow, January 26, to continue their legislative session.

Number of the Day

$2,922

The average property tax payment on a median home value in Texas.

[Source: WalletHub [[link removed]]]

Today in History

On January 25, 1915, Alexander Graham Bell spoke to his assistant in San Francisco, inaugurating the first transcontinental telephone service.

Quote-Unquote

“The problem is not that people are taxed too little. The problem is that government spends too much.

–Ronald Reagan​

Your Federal & State Lawmakers

U.S. Senator

John Cornyn - R

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U.S. Senator

Ted Cruz - R

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Governor of Texas

Greg Abbott - R

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Lt. Governor

Dan Patrick - R

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PO Box 12862, Odessa TX 79768 Produced by Michael Quinn Sullivan and Brandon Waltens, the Texas Minute is a quick look at the news and info of the day we find interesting, and hope you do as well. It is delivered weekday mornings (though we'll take the occasional break for holidays and whatnot).

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