The state of Texas is at a crossroads, and the decisions we make this legislative session will affect Texans for years to come. We have spent the past 10 years funding a large portion of our transportation needs with debt, now totaling $13 billion.
The amount of state debt issued in all categories has more than doubled in the past 10 years. You will hear many boast that we have not raised taxes during this same time, but I would argue that this debt, coupled with interest, is a tax on future generations. If we do nothing this legislative session to address this debt, it will be the year 2045 before we pay off the $27 billion in debt plus interest owed for transportation projects.
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