As 2306 students know from reading through the material on the budget, Texas is not supposed to have a debt - we are a pay as you go state - but we also know that's not really true. The Texas Constitution allows for spending beyond this limit as long as it is approved by the voters. As we know from looking through article 3 of the constitution, the voters have approved the sale of a good number of bonds - as have voters in local areas.
This means that Texas has a relatively sizable debt. I'm finding different numbers, but these look reasonable:
Texas: $44 billion
Local governments in Texas: $328 billion
For background:
- Texas House OKs proposal to pay off some of state's $44 billion debt.
- Texas' Local Debt Hits $328 Billion -- That's $12,400 Per Person.
- Texas Transparency: Debt at a Glance.
- Texas Bond Review Board.
- TBRB: Local Government Annual Report 2014.
- Tell ’em I ain’t got it: Texas debt hits $341 billion.
- Deep in the Debt of Texas.
