ONE OF THE LEGISLATURE’S EXPERTS ON FISCAL MATTERS SAYS SOMETHING HAS TO BE DONE NOW TO FIX NEW MEXICO’S BUDGET CRISIS. SEN. JOHN ARTHUR SMITH OF DEMING IS ASKING THAT GOVERNOR MARTINEZ CALL A SPECIAL SESSION AS SOON AS POSSIBLE.
SMITH SAYS HE DOUBTS ANYONE WANTS TO HOLD A SPECIAL SESSION, BUT THE STATE HAS TO BALANCE ITS BUDGET. HE SAYS THE SOONER THAT IS RESPONDED TO, THE BETTER FOR THE STATE.
SMITH SAYS THERE COULD BE A HALF-A-BILLION DOLLAR SHORTFALL NEXT FISCAL YEAR. HE SAYS SOME PARTS OF NEW MEXICO’S ECONOMY ARE IMPROVING…BUT THAT’S BEING OFFSET BY A DOWNTURN IN OIL, GAS AND MINING.
