Governor's Message to the 56th legislature. Page: 16 of 41
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relatively high, we do not have the corporate income tax which is collected on
corporations in all of our adjoining States.
BUDGET SHOULD BE BALANCED
I realize that some do not feel the urgency of balancing the budget before the
end of the fiscal year. There are those who still adhere to the view that it is good
to have a deficit in the State Treasury. However, as elected officials of this State,
we must be guided by the Constitution, which provides for a "pay-as-you-go" fiscal
policy. It is contrary to the intention of the Constitution for us to incur a deficit,
except as provided therein, and it is clearly contrary to the intention of the Constitution
for us to permit the deficit to continue after it is once incurred and within our
power to eliminate it.
Furthermore, all of this deficit talk and publicity reaches people in other States
through financial journals and other publications. I assure you that it leaves a bad
impression concerning our State government, not only upon our own people but upon
those who are thinking about moving here with their industries or their families.
For the reasons stated, I urge you to enact the three measures I have suggested
or other measures of your own, in time to balance the budget before determining
future expenditures and revenues. Accordingly, under Section 5 of Article III of the
Constitution, I hereby submit the above subjects and proposed legislation as an
emergency matter. (This entire program is summarized in Exhibit 4 attached hereto)
REVENUE PROGRAM FOR NEXT BIENNIUM
For the ensuing biennium, it will take approximately $63, 000, 000 per year in
new revenues to care for the budget which I have heretofore recommended and
delivered to each of you. In addition, I hereby join the Legislative Budget Board
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Price, Daniel. Governor's Message to the 56th legislature., book, January 21, 1959; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth5870/m1/16/: accessed May 26, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .