Perry Okays $3.1 Billion Draw from Rainy Day Fund [Politics]

Timed fairly appropriately given this morning's weather, Tuesday afternoon Governor Perry gave his unenthusiastic thumbs-up to using the Rainy Day Fund for the current budget crisis. As per a press release, he agreed to "close out the Fiscal Year 2011 budget gap by implementing $800 million in cuts, using $300 million from increased sales tax collections over the last few months, and using a one-time draw not to exceed $3.2 billion from the state’s Economic Stabilization Fund, also known as the Rainy Day Fund." However, he clearly states this is not to be implemented for the forecasted shortages in 2012-2013. Later in the day, the House Appropriations Committee voted unanimously to move HB 275 to the floor. This substitute bill allows the state to take out about $3.1 billion from the Rainy Day Fund. It has to be passed on the floor by at least 90 votes. [Texas Tribune]