Bingaman Sees Continued NM Gain From Federal Money

Jeff Bingaman

From bloomberg.com -New Mexico will continue to receive an economic boost from federal spending despite expected cuts by Congress in governmental programs, U.S. Sen. Jeff Bingaman said Thursday. The New Mexico Democrat delivered the message to lawmakers during a speech to a joint session of the House and Senate. The Legislature has been using federal economic stimulus money to balance the state budget. That money is drying up, but Bingaman said some federal spending is likely to grow in the future, including for military bases in New Mexico and at Los Alamos and Sandia national laboratories because they are part of the nation's nuclear weapons complex. New Mexico has long been a big winner in federal spending, receiving $3.34 for every $1 in tax payments from the state, according to the Congressional Research Service. "So with regard to federal funding for New Mexico, the news is good," Bingaman said. "Federal funding streams strongly support our economy today. Federal dollars do create jobs in New Mexico. Anybody who views the facts has to conclude that. In the future, that federal funding and that economic support, in my view, will even increase."

Bingaman Sees Continued NM Gain From Federal Money