King Pledges Support for Texas Budget Compact

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AUSTIN – Today, State Representative Phil King (R- Weatherford) pledged support for the Texas Budget Compact, a set of five key principles for a stronger Texas outlined by Governor Rick Perry to keep Texas on the path to prosperity.

“In the shadow of the Obama Administration’s out-of-control tax and spend policies, Texas must stand strong and fight to keep our budget as lean as possible,” King explained, “Texans are already taxed enough at every turn and cannot afford for government to take even more of their hard earned money. By adopting strong, conservative policies now, we can ensure that Texas remains the number one place in the country to do business. That’s why I am pledging my support for the Texas Budget Compact.”

With increasing pressure on the Texas budget, particularly due to the skyrocketing cost of Medicaid mandated by the federal government, Texans expect their leaders to commit now to the polices and discipline that are required for Texas to maintain a strong economy and to remain the top job-producer in the nation. Looking ahead to the next legislative session in 2013, the Texas Budget Compact is an effort to unite state leaders to keep Texas on solid financial ground by following its guiding principles:

1. Practice truth in budgeting.

2. Support a Constitutional limit of spending to the growth of population and inflation.

3. Make the small business tax exemption permanent, and oppose any new taxes or tax increases.

4. Preserve a strong Rainy Day Fund.

5. Cut unnecessary and duplicative government programs and agencies.

According to USA Today, Texas has moved past New York as the nation’s second largest economy, and the Wall Street Journal has credited Texas’ low taxes and employer-friendly environment with helping make Texas the job creation capital of the nation. Additionally, Texas consistently ranks among the top states for Fortune 500 headquarters.

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