SANTA FE, N.M. (AP) — New Mexico’s Legislature has approved a record-setting $1 billion annual budget increase to bolster spending on public schools, Medicaid, public safety initiatives and an array of grants, loans and tax breaks to private industry. The Legislature on Wednesday sent the governor a roughly $8.48 billion general fund spending plan for the fiscal year starting July 1 — a 14% increase. Separately, the state Senate advanced a half-billion package of tax rebates, cuts and credits toward a decisive House floor debate, along with package of crime-fighting initiatives. The Legislature has until noon Thursday to approve legislation before adjourning.
New Mexico legislators approve $1B state spending increase
