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Richardson Drops Bomb (NM - reveals additional $190 million deficit)
The Albuquerque Journal ^ | November 12, 2010 | Dan Boyd

Posted on 11/12/2010 4:07:55 PM PST by CedarDave

New Mexico's budget crunch for the coming fiscal year could be $190 million worse than previously thought, and announcement of the bad news set off another fiery exchange between the outgoing administration of Gov. Bill Richardson and Gov.-elect Susana Martinez.

Richardson's finance secretary Dannette Burch said Thursday that Martinez and state lawmakers will face a $450 million revenue shortfall for the fiscal year, starting next July 1, just to maintain the state's current level of services.

That's a much higher number than the Legislative Finance Committee's earlier projected shortfall of $260 million.

There have already been spending cuts in Santa Fe and at colleges and public schools around the state because of recession-triggered state revenue declines.

After Burch disclosed the new shortfall estimate Thursday, Martinez accused the Richardson administration, which has less than two months left in office, of hiding budget information and playing "financial shell games."

"The revelation of a near half-billion dollar deficit is far worse than expected and confirms our suspicions that the Richardson/Denish administration has been hiding the ball all along with respect to the true budget deficit," Martinez said in a statement.

(Excerpt) Read more at abqjournal.com ...


TOPICS: Business/Economy; Government; US: New Mexico
KEYWORDS: martinez; richardson; statebudget
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To: Lancey Howard

No, I’m just opposed to out of control government spending and oppose it no matter the affiliation of those who are doing the spending.

Hopefully, the next Session in Austin will lead to major cuts in spending.


41 posted on 11/13/2010 8:00:14 PM PST by trumandogz
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To: trumandogz
Hopefully, the next Session in Austin will lead to major cuts in spending.

Amen to that.

42 posted on 11/13/2010 8:16:10 PM PST by Lancey Howard
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To: Concho

Don’t sell the railroad until you run Richardson out on its rails.


43 posted on 11/13/2010 8:21:50 PM PST by InvisibleChurch (Stimulus ~ Response / "...and that's why the color yellow makes me sad, I think.")
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To: latina4dubya

“..but Texas? a conservative state? the conservative state of Texas?”

There is a lot in Texas that isn’t conservative. Not as widespread as in commiefornia, but definitely there for all to see.


44 posted on 11/14/2010 9:10:58 PM PST by BlessingsofLiberty (BOYCOTT NEVADA...!!!!)
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To: BlessingsofLiberty

Texas is conservative compared to California by a long shot. I hope our budget deficit chops out some liberalism.


45 posted on 11/14/2010 9:49:42 PM PST by SaraJohnson
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To: SaraJohnson
Sorry, you Californians are in a class of your own. :)

this is true... but no one thinks otherwise about our state... it's liberal as can be... but Texas? how did Texas get in this situation in the first place? this so very red conservative state of Texas? how? i am shocked... just shocked... ;-)

46 posted on 11/14/2010 10:32:40 PM PST by latina4dubya ( self-proclaimed tequila snob)
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To: CedarDave

It appears I was misinformed..


47 posted on 11/15/2010 8:25:10 AM PST by rahbert
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To: rahbert

In New Mexico that is hot, hot, hot.


48 posted on 11/15/2010 8:37:32 AM PST by MARTIAL MONK (I'm waiting for the POP!)
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