New Mexico lawmakers urge caution amid deep financial hole

  ALBUQUERQUE, N.M. (AP) — New Mexico is going to have to dig out of a deep financial hole as a result of the coronavirus pandemic, as gross receipts continue to crater and one in five workers has been forced to seek jobless benefits. The chairman of the Legislature's top budget committee is urging caution as lawmakers plan to gather later this week to talk about shuttered businesses, the pace of economic recovery and federal relief funds. Democratic Sen. John Arthur Smith of Deming says restraint should be the theme for state spending given the uncertainty related to the virus and the volatility of the oil and gas industry.