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New Mexico legislators close in on budget agreement

SANTA FE, N.M. (AP) — Lead state budget negotiators are rewriting spending plans to quickly tap federal pandemic relief money and shore up unemployment insurance, student financial aid, Medicaid insurance, teacher pensions and select state agency budgets.

New Mexico’s lead Senate budget committee on Monday put the finishing touches on proposed amendment to a spending plan for the coming fiscal year that starts on July 1. The amended plan would increase general fund spending by 4.8% over current annual spending obligations to $7.45 billion, a $373 million increase.

The panel plans to vote Monday or Tuesday on amendments that funnel $600 million in federal relief toward the state’s indebted unemployment fund.