Spending on schools will have outsized role in budget talks

A person would have to live under a rock to have missed New Mexico’s gilded fortunes over the past few months. You have to go back years to find New Mexico sitting on more than a $1 billion surplus. In a normal year, the historic windfall would provoke dueling choruses: fund what you can while you have the money versus save the money for a rainy day. But 2019 is not a normal year. The dueling choruses will still try to drown each other out as lawmakers meet in Santa Fe to draft a state budget.

Budget boost: New Mexico could burn through unexpected money quickly

Cautiously optimistic.

That might best describe two senior lawmakers on the Legislature’s budget committees on the eve of the 2018 legislative session.

After two years of dismal tax revenues, New Mexico is suddenly enjoying a surplus of cash. Estimates are between $200 million and $300 million in new money will greet state lawmakers when they convene Tuesday in Santa Fe.

Tax loopholes are in the eye of the beholder

Republican Gov. Susana Martinez continues to say we need to tighten our belts rather than raise taxes in order to solve our current fiscal crisis. “She will not raise taxes,” Chris Sanchez, the governor’s spokesperson, told New Mexico In Depth this week. Democratic Senate Majority Leader Peter Wirth, however, told the Santa Fe New Mexican this weekend the state can’t endure any more cuts and he is joined by lawmakers who favor raising new tax revenue to balance the budget and replenish the state’s reserve fund. On its face the two positions set up a battle over whether to cut expenses or to raise revenue. But it’s not so simple.