The Houston Chronicle recently reported on a plan taking shape in the Texas legislature to fix the budget:
There is still no groundswell for new taxes, and nobody expects one. But as the Legislature moves into the nitty-gritty of writing an extra-lean budget, there is growing agreement that more revenue — billions of it — will be needed to help bridge the gap.
The two biggest and most popular sources of new money: The so-called Rainy Day Fund and old-fashioned, smoke-and-mirrors accounting gimmicks. These options could wipe out half or more of the shortfall, officially estimated at $15 billion. It’s also possible an improving economy will fatten tax collections, though the official in charge of making those estimates says legislators shouldn’t count on it.
Read more about it: here.