AUSTIN (AP) -- State Comptroller Susan Combs says Texas revenue will drop about $9 billion in the next two-year spending cycle.
The grim news came in an announcement Monday, the day before lawmakers convene in Austin for this year's legislative session. The revenue estimate covers the 2010-2011 fiscal years and is based mostly on sales tax forecasts.
There was one bright spot: Combs says the figure does not include the $6.7 billion in the state's "rainy day fund." That's the most money ever in that fund.
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