Texas’ governor has announced a set of key principles which he says will lead to a stronger state.

Governor Rick Perry announced the Texas Budget Compact on Monday, which is composed of five key principles for maintaining the state’s budget.

Those principles include:

  • Practice truth in budgeting
  • Support a constitutional limit of spending to the growth of population and inflation
  • Oppose any new taxes or tax increases, and make the small business tax exemption permanent
  • Preserve a strong Rainy Day Fund
  • Cut unnecessary and duplicative government programs and agencies

“It is imperative we remain committed to the sound conservative values that have brought us to where we are today,” said Perry. “If Texas leaders will commit to government and budget by the five principles of the Texas Budget Compact, we will ensure continued growth and prosperity, an honest budget, and more limited government.”

Perry’s office says that these principles are “imperative as we address budget challenges in the 2013 session, specifically with respect to Medicaid, which already consumes a massive amount of our budget and is primed to eat up significantly more in both the short and long terms, especially if the Supreme Court upholds Obamacare.”

Perry says that he is committed to these principles, and asks lawmakers to do the same.