Why Texas is not taking on federal funds rate hikes
The state is not required to take any federal funds rates hikes.
But that hasn’t stopped Texas from seeking to take them in recent months.
The federal government has told Texas the state’s budget situation has changed, so the state has been looking for ways to balance its books.
And, for now, the state still has plenty of money in the state budget.
The state’s fiscal year ends March 31, which means it will have enough cash to cover the $20 billion in new revenue from a new law that took effect March 1.
But the governor has not yet released the full amount of the $18 billion state will have available for borrowing.
In recent months, the Texas House of Representatives has debated whether to pass a $1.8 billion bond measure that would allow the state to borrow to keep its borrowing limit.
That is the most likely way to keep the state from raising its borrowing cap, said Republican Rep. Mike Villareal of Dallas.
Texas lawmakers have not yet decided whether to use the $1 billion in bond funds for new programs.
“I think it’s going to be a hard sell,” said Republican state Rep. Gregorio Menendez of Houston.
He said he is confident the state will get the money.
Menendez is sponsoring legislation that would raise the state borrowing cap from $1 to $1,000 per person.
It would also allow the Legislature to create the $3 billion fund, which would help pay for basic state services such as schools and hospitals.
The new legislation would also help pay the $6.8 million in extra federal funding that the state receives from the federal government each year.
The Texas legislature approved the federal aid in January, and it was set to go into effect in July.
But Congress has said the state could not spend the funds unless it made a deal with the federal Government Accountability Office on how to spend the money, which has been a sticking point.
Mendeys bill would also authorize the state Legislature to spend up to $6 billion in emergency funds from the fund.
If that bill passes, the federal money would be available to the state, as well as the $2.2 billion that the U.S. government is using to help pay back its loans to Texas.
“We’re not going to do anything unless they give us the money,” Menendez said.
“So we can’t afford to lose our borrowing cap.”