New Mexico Senate Passes Budget Focused on Future Savings

The budget bill aims to secure New Mexico's financial stability with significant investments in education, conservation, and infrastructure, leveraging the current oil and gas revenue surplus.

• New Mexico Senate approves a budget bill setting aside over $1 billion for tuition-free college and other long-term investments.
• The bill increases annual general fund spending by $653 million, aiming to sustain government spending as oil production may decline.
• More than $1.3 billion in general fund transfers will support scholarships, housing, conservation programs, and Native American education.
• Legislators anticipate a $3.5 billion budget surplus, largely from oil and natural gas production in the Permian Basin.
• The budget includes provisions for paid time off for workers, tax reductions, and electric vehicle purchase incentives, pending final approval.

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