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Texas has billions in its rainy day fund. But legislators say they won’t use it until January.


As Texas’ economy reels from a monthlong shutdown of commerce statewide, unprecedented unemployment and falling oil prices, some Texans are calling on officials to tap into the state’s Economic Stabilization Fund that has billions of tax dollars officials have been saving for years. Texas voters created the account, also called the rainy day fund, after the oil bust of the late 1980s, according to the Texas comptroller’s website. Chris Bryan, a spokesperson for the Texas comptroller’s office, told The Texas Tribune that the account’s balance is $10.2 billion. But because some of that money is already earmarked for Hurricane Harvey relief and flood mitigation, among other things, the comptroller is expected to tell lawmakers this summer that they’ll start the next biennium with $8.5 billion in the account.

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