Texas, which is staring at an estimated $15 billion two-year deficit, plans to commit $250 million in state funds to promote Formula 1 auto racing over the next decade. The international racing series showcases the world's fastest cars-low-slung, sophisticated machines designed to rigorous specifications (hence the word "formula") that can clock speeds of more than 200 miles per hour. Although hugely popular across much of the globe, the sport never really caught on in the States, and Fl officials stopped holding races in the U.S. in 2007.
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