Hard times hit the Lone Star State
It was not a moment of pride for Texas, or for Republican Governor William Clements, who is in the midst of a tough re-election fight. Growing layoffs have brought the state unemployment compensation fund to the edge of bankruptcy. Clements last week was forced to summon a special session of the legislature to bail out the fund. After two days of partisan debate, both senate and house passed a measure authorizing the state to borrow up to $350 million (at 10% interest) from the federal Unemployment Trust Fund. The legislative...
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