Could a soda tax be the solution to fixing the state deficit?

"We find ourselves overall with a 27 billion dollar shortfall and it's up to us to find a remedy", said Texas Senator Eddie Lucio Jr.

So could a can of soda contribute to fixing the state's budget deficit, Senator Lucio tells Action 4 News yes.

"The tax bill that I filed is to establish a one penny per ounce on soda pop", said Lucio.

Lucio says the one penny per ounce tax on soda could rake in two billion dollars a year for the state of Texas.

But two billion dollars will not get Texas out of debt.

However Lucio says he has a proposal and it centers around investors on Wall Street tapping into our states soda tax.

"Investors on wall street might want to take an 11 year or 12 year contractual agreement from Texas to take that tax in return for putting 20 billion dollars on the table", said Lucio.

The Senator goes onto to say Texas will get 20 billion dollars up front to go towards dwindling the deficit.

"In the next couple of weeks I will try to convince my colleges, convince the leadership of this state that we can pick up 20 billon dollars from investors in this country if we dedicate that soda tax for the next 11 years", said Lucio.

Time is running out as the Texas legislative session comes to a close in May.