Texas Proposition 2 (2007)
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Proposition 2 would provide the issuance of $500 million in general obligation bonds to finance educational loans. The initiative is a Legislative referral proposed by the Texas Senate for the November 2007 election.
Proposition 2 appeared on the statewide November 2007 ballot in Texas along with fifteen other statewide propositions; all of them passed.
Overview
The following amounts are the general obligation bonds that have been issued over the past years for student loans:
- $85 million in 1965
- $200 million in 1969
- $75 million in 1989
- $300 million in 1991
- $300 million in 1995
- $400 million in 1999
Statement of Support
This is a self-sustaining programs with students paying back the debt and the interest earned going back to help future students. It is enabling legislation that would authorize the bonds that are needed for the Texas High Education Coordinating Board to meet the expanding demands for student financial assistance.
Support in the Community
Montgomery County's newspaper, The Courier has endorsed the initiative saying:
This is one area where voters can step up, pass a proposition to help students without having taxpayers bear the funding burden. We urge voters to support Proposition 2.[1]
It also earned the support from the Off the Kuff blog, saying "I see no reason not to vote for this".[2]
Statement of Opposition
This would add to the considerable debt of the state. Also the bonds compete with private business who must operate to earn a profit, while the government does not have such a burden.
Opposition in the Community
The Americans for Prosperity, Texas Chapter, has come out opposing Proposition 2, stating:
Texans carry tremendous government debt now. Thought this program should pay for itself, taxpayers could end up bailing the program out if it becomes insolvent. Student loans are already offered by the federal government and numerous other private lenders. Taxpayers want college to be more affordable, and simply funding more student loans while allowing tuition to climb and requiring little fiscal accountability on how higher education dollars are spent, is not in taxpayers’ best interest.[3]
A Taxpayer's Perspective
Proposition 2 raises state debt by $500 million to help finance student loans.
Election results
The initiative passed with 712,246 voting for it (66%) and 369,199 voting against it (34%).
References
- ↑ The cost of higher education is one of the biggest barriers keeping high school students out of college, The Courier, Nov. 1, 2007
- ↑ State Proposition 2, Off the Kuff, Sept. 28, 2007
- ↑ Lonestar Times, Oct. 15, 2007
External links
- Proposition 2 language
- Texas House Research Organization, Constitutional Amendments Report
- Bond proposals on November 6 ballot run the gamut Houston Chronicle
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