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Sunday, August 9, 2020

Texas brightens budget outlook but warns of trade war risks

Other News

Closing prices for crude oil, gold and other commodities

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Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision...

AUSTIN, Texas (AP) — Rising oil prices and economic growth has Texas officials projecting a bigger financial cushion to pay for Hurricane Harvey, school safety and health services for the poor.

Texas Comptroller Glenn Hegar on Wednesday raised his revenue estimate by nearly $3 billion. He warned that a trade war or a U.S. withdrawal from the North American Free Trade Agreement could sour that outlook between now and January.

That’s when the Texas Legislature will return facing a list of big expenses. Lawmakers underfunded Medicaid by more than $2 billion and bills remain from Hurricane Harvey.

Teachers are also expected to pressure the GOP-controlled Legislature for money in the wake of protests by educators across the country.

Hegar says sales tax collections in Texas are up 10 percent from a year ago.

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