That's what the Texas Tribune reports that the Texas Legislative Budget Board accepted as the probable growth in the Texas economy during 2014-15. This places a limit on growth in the Texas budget - we are a pay as you go state as far as undedicated funds go. That allows for a $7.5 billion increase, which some Republicans argue is too much and want to see a different standard used to set the cap on spending. At the moment, it set to increases in the economy. Their goal is to index it to inflation, which would slow it further.
Such a proposal will likely be introduced in the legislature and presented to the voters as a constitutional amendment next year.
Relevant Links:
- State Leaders Adopt Spending Cap.
- Battle Over Budget Cap Looms.
- Billions of Dedicated Funds Unspent.
