Governor Martinez signs two more measures to shore up New Mexico’s nearly $600 Million budget deficit. The bills approved by lawmakers during the recent special session close tax loopholes and tap into reserves from a $220 Million tobacco settlement.
Martinez is still considering legislation to cut $171 Million in state agency spending. That bill would cut deplete spending per agency by 5%. Only the Public Safety and Children Youth and Families Departments would be excluded.
New Mexico’s budget problems are due to the big drop in the energy market., which has drastically cut taxes and royalties from oil and natural gas production.
