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Background: Proposition 15 would create the Cancer Prevention and Research Institute of Texas and authorize the state to issue up to $3 billion in bonds to fund research for cures for cancer. The funds from these bonds could be used for program operations, purchase of laboratories or facilities, and grants for research, in amounts up to $300 million each year for ten years. The bonds would be repaid by general state taxes. This is a new program for which no bonds have been previously issued.

For: Proposition 15 would allow Texas to make an unparalleled effort to fight and potentially cure cancer. The state has the institutions to support such research but more funding is needed to use them to full advantage. This spending will help to encourage landmark discoveries, help scientists and doctors develop tools to treat and prevent cancer, and create jobs in scientific and medical fields.

Against: While curing cancer is a noble goal, $3 billion over ten years is still a small amount compared with all the money already being spent for cancer research, and is not likely to substantially advance that effort. Borrowing money through the sale of bonds is the wrong way to finance this proposal. Using bonds will cost $1.6 billion in interest and financing costs, which produce no benefit to Texas taxpayers. With our large budget surplus, it would be more responsible to fund this program with cash, avoiding the interest and financing costs. Instead of interest, that money could be spent making sure that Texans with cancer can get affordable insurance to make use of the treatments that their tax dollars are paying to develop.

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9/20/07