Governor signs budget solvency plan, vetos some cuts

New Mexico

New Mexico Gov. Michelle Lujan Grisham speaks about the uptick in confirmed COVID-19 cases in the state and her decision to hold off on opening more of the economy during a news conference at the state Capitol on Thursday, June 25, 2020. (Eddie Moore/Albuquerque Journal via AP)

SANTA FE, N.M. (AP) — New Mexico Gov. Michelle Lujan Grisham has signed a budget solvency plan seeking to mend a multibillion-dollar deficit by scaling back spending increases.

But the Democrat vetoed Tuesday some cuts to public education and other areas.

State government finances are reeling from the coronavirus epidemic’s economic fallout and aggressive state emergency health restrictions designed to hold the virus at bay.

New Mexico economists are forecasting a $2.4 billion decline in state government income through June 2021 amid the economic upheaval.

The governor vetoed more than $30 million in budget cuts, restoring funding slated for reduction for public schools and other measures.

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