New Mexico Senate endorses budget bill emphasizing savings during oil sector windfall

Published February 12, 2024 6:13 PM

By MORGAN LEE
Associated Press

SANTA FE, N.M. (AP) — New Mexico is preparing to set aside billions of dollars to sustain government spending in the future in case an oil production bonanza fades in the transition to cleaner sources of energy. The Senate on Monday approved a $10.2 billion annual spending plan that also creates new endowments and trusts designed to support critical programs in the future. The 31-10 Senate vote sends the bill back to the House for concurrence on amendments. The Democratic-led Legislature has until noon on Thursday to send a budget bill to Democratic Gov. Michelle Lujan Grisham for consideration.

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