New Mexico budget compromise comes under scrutiny

SANTA FE, N.M. (AP) — New Mexico financial analysts say legislation approved by Gov. Susana Martinez last week will provide state government with an additional $83 million — just enough to avoid a deficit in the coming fiscal year. Credit rating agencies on Tuesday were combing through revisions to New Mexico's financial plan for the fiscal year starting July 1. The state's Republican governor reached a budget compromise Friday with the Democratic-led Legislature. Martinez also vetoed a series of tax increases approved by the Legislature in a special session that reconvenes on Tuesday afternoon. The governor has agreed to tap bond funds from suspended infrastructure projects to close a budget shortfall last estimated at $70 million. The Legislative Finance Committee says that plan will provide the state general fund with an additional $83 million.