Today's BB: Choosing Congestion?

The Bond Buyer this morning reports yesterday's apparently veto-proof vote by the Texas House for a two-year moratorium on private toll-road projects -- which takes particular aim at Gov. Rick Perry's Trans-Texas Corridor project and its initial contract with Cintra-Zachry.  If the definition of "news" is its ability to surprise the reader, then this qualifies as a big story.

It shouldn't, necessarily:  The anti-toll backlash had been brewing for a while, and Musician Kinky Friedman drew more than 500,000 votes on essentially a one-issue, anti-toll platform in last year's gubernatorial race.  But given the state's massive transportation needs and aversion to taxes, tolls seemed like an awfully reasonable answer, and given the amount of time and effort investment bankers and others have invested in Texas over the last few years, it seems safe to conclude that this vote was unexpected.

Ultimately, fast-growing communities and economies have a choice between the 3 Ts -- Tolls, Taxes, or Traffic.  Texas is already providing a fair amount off tax revenue for the transportation program, and it's not clear how much more they can add.  No one's actively arguing in favor of more traffic, but if tolls are really off the table, it seems inevitable.  So, Texas readers, let's put the ball in your court:  Is this the end of the story, or can Perry craft a compromise, either broadly or on technical grounds, to block the ban?

Elsewhere in the paper, our industry coverage swings away from layoffs and back to good news:  Belying its name, First Southwest is adding a trading desk in Boston, and just when you thought a Democratic Congressional majority would quash talk of tax-reform, Sen. Arlen Specter, R-PA, has introduced a new flat-tax bill (don't worry -- it's not going anywhere soon).