From Bragging to Begging

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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!