John Arthur Smith: "I'm Not Super Confident"

John Arthur Smith

KRQE - New Mexico lawmakers will spend the next 30 days trying to hammer out a budget using some of the expected $250 million in new money. But just two days into the session, some of the legislature's top budget experts are saying that money may not be there. "I'm not superconfident," said Legislative Finance Committee Chairman Sen. John Arthur Smith, D-Deming. "On a scale of 1 to 10, I'm at about a 5."

Don Bratton

State lawmakers and Gov. Susana Martinez both proposed an increase in spending for the budget year that begins in July, largely from a projected jump in oil and natural gas money. But future forecasts show natural gas prices are expected to be down about 33 percent, or $1.70 less than what the governor and Legislature planned for, according to Smith. "That has the capacity to wipe out $250 million virtually overnight," said Smith.

Rep. Don Bratton, R-Hobbs, who is a former oil and gas producer, also said the volatility in the market could be devastating to the state. "A 10-cent change on natural gas prices is about $13 million dollars to the state of New Mexico," said Bratton.Read full story here: News New Mexico

John Arthur Smith: "I'm Not Super Confident"