Is Texas in the Red?

A few weeks ago I read an editorial by Molly Ivins about Texas coming short this year with their budget. Due mostly to deep tax cuts pushed through when Bush was governor. Now this morning I catch a little blub about the same thing on NPR. However I didn’t get to hear the full report. I don’t see anything in the internet news today on the subject. Is this true? Is Texas in the red due to tax cuts? I know here in VA there has been a big debate about the personal property tax and our own budget short fall.

If Texas has gone from being flush to negative numbers this won’t look very good for Mr. Bush and his current federal budget will it?

Needs2know