Update: The Legislative Budget Board approved a 10.7 percent spending increase for the 2014-2015 budget. That means 鈥� for now 鈥� that lawmakers can spend up to $77.9 billion in the two year budget.
That amount will go up in a few months, as lawmakers add billions to the current budget to pay for an underfunded Medicaid system.
Republican lawmakers pledged today to spend less than the cap allows 鈥� no matter the number.
Original Post (10:14 a.m.): The Texas Legislative Budget Board is to set the state鈥檚 spending cap for fiscal years 2014-2015.
Governor Rick Perry and Lieutenant Governor David Dewhurst have .
The board will hear a report from the Texas Comptroller about the financial condition of the state.
Perry has said that a tighter budget cap is necessary even if more money is being collected.
You can read more on the financial and political implications of the budget cap from .
