Texas Rainy Day Fund

While grappling with billions of dollars in cuts to the Texas state budget, lawmakers are proposing to dip into the states rainy day fund.

The chairman of the Texas House Budget Committee filed a bill Monday night proposing to spend $4 billion to make up for the current budget deficit. State Rep. Jim Pitts introduced the legislation to pay for the current deficit in order to have more money available for next year's budget.

In order to pass, the measure needs three-fifths support of the state's lawmakers and the backing of Gov. Rick Perry.