Tag Archives: Gregg Abbott

Spain-based Cintra’s SH-130 Toll Road, First and Only Leg of Trans-Texas Corridor, Goes Bankrupt

When it opened back in 2012, SH 130 had long been the poster child of Rick Perry’s failed toll road policies. At one point, the state-operated part of the tollway was so empty a distressed plane landed on it during peak hours. Lawmakers saddled Texas taxpayers with billions in debt and they hid it from the normal, open, public budgetary process. In other words, Texas lawmakers have balanced the budget, in part, because they have issued billions of taxpayer backed subsidies for private toll road companies, while hiding the costs from taxpayers and increasing costs and risks for taxpayers in the long term. Continue reading

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Abbott promises to fix Texas roads without tolls

That about sums up both the political and literal reality for Texans in most metropolitan areas of the state. Neither Congress nor the Texas legislature have addressed the structural road funding shortfall for the last decade, both turning to toll roads and massive debt financing to kick the can down the road. But Texas is now facing a fiscal cliff – it leads the country in road debt and it’s maxed out its proverbial credit card. The Texas Department of Transportation (TXDOT) says it needs $4 billion more per year just to keep pace with congestion. Even worse, its $10 billion annual budget will experience an additional gaping $2-3 billion hole in 2015 as the borrowing that’s been propping up its budget disappears.

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Posted in News and Analysis, Taxation, Transportation Tagged , , , , , , |