Fellow Grassroots Texans:
We write to inform you that there are moves underway by the Texas House Republican Leadership to raid the Texas Economic Stabilization (‘Rainy Day’) Fund in order to avoid further spending cuts.
Conservatives are advocating cuts in spending to address the current budget shortfall. Other groups are advocating spending all or part of the Rainy Day Fund, either alone or in combination with additional taxes.
In 1989, the Texas Legislature established the Texas Economic Stabilization Fund, commonly referred to as the ‘Rainy Day Fund,’ to provide for an economic buffer in the event of an emergency, natural disaster, or other unforeseen circumstance.