Texas has a two-year budget cycle, and the $25 billion deficit figure that's been batted around the internet is speculative since the official numbers won't be known until January.
('Oh, Texas's deficit is actually $24.23 billion and not $24.24 billion? Well, obviously that invalidates all the comparisons to California! Let's discuss something else.')
Personally, I think all the California vs. Texas debates are a childish extension of blue state vs. red state political bickering. Nobody in the US is better off if either state has financial problems.