A gaping revenue shortfall and lack of reserves have New Mexico’s legislators worried about short-circuiting the progress of large investments made in early childhood and safety net programs in recent years. A steep decline in the price of oil has contracted an industry on which New Mexico relies heavily, leading to broad layoffs, sales of oilfield equipment, foreclosures and bankruptcies. That, in turn, has gutted the cash from tax revenues state leaders counted on to pay for state operations. State leaders emptied out the state’s reserve fund to balance last year’s budget. Now they must close this year’s shortfall — projected at $69 million — without a pot of money that has cushioned economic pain in previous economic downturns.