The filed House supplemental appropriations bill, HB2, would appropriate $1.4 billion from Texas’ Economic Stabilization Fund (ESF), also known as the Rainy Day Fund. However, a committee substitute for HB2 (CSHB2) was recently outlined in the House Appropriations Committee that would increase the appropriation from the ESF to $2.4 billion, which together with $957 million from general revenue (GR) and $1.8 billion from federal funds, would bring the total cost of the supplemental bill to $5.2 billion. An examination of the numbers shows that this is far too costly for taxpayers and that there is no need to use any money from the ESF.
Biden plans to turn student loans into delayed grants
The Biden administration has released its plans to introduce a new income-driven repayment program for student loans. The proposed regulations are as bad as the early indications hinted they would be. For those just getting up to speed, a standard loan uses a fixed monthly payment and a predetermined number of payments (e.g., a car loan of $500 per...