State Budget in the Red

Austin—

Texas' budget has been filed as legislation ... and it's more than 2 billion dollars in the red.

Under the version filed in the senate — lawmakers will either have to borrow 2.3 billion dollars from the rainy day fund or cut state services.

Lieutenant Governor David Dewhurst says the initial budget meets his top priorities by holding the line on state spending, continuing the record local school property tax cuts... and funding other services.

Lawmakers start the budget periods with about 6.7 billion dollars in the rainy day fund.