House Committee Delays Budget Vote

KOAT TV - A proposed $5.6 billion state budget hit a last-minute snag in a House committee Monday after Republicans objected that several of the GOP governor's initiatives might get chopped if the state's revenue outlook dims. The Appropriations and Finance Committee postponed a final vote on the budget, and the chairman, Rep. Henry Kiki Saavedra, D-Albuquerque, said he was surprised by the GOP complaints because members of the panel had tentatively agreed last week on provisions of the spending plan. The budget proposal calls for a spending increase of nearly $216 million, or about 4 percent, in the fiscal year that starts July 1. However, the plan leaves about $41 million available for possible tax cuts - a high priority for the governor - or additional budget increases.
Economic growth is expected to generate about $257 million in new revenues next year that lawmakers can use for the budget or to cover the cost of tax reductions. Read full story here: News New Mexico

House Committee Delays Budget Vote