State Economists: New Mexico budget crisis could be over soon

ALBUQUERQUE, N.M. (KRQE) – New Mexico could soon be out of its budget crisis, according to state economists.

They say government income is expected to exceed spending by about $25-million in the next fiscal year.

Economists say there’s little room for error but New Mexico should have about 5 percent in reserves. That means the state will go into the next fiscal year just barely avoiding spending cuts.

Experts credit the beginnings of a recovery in the oil and natural gas sectors.

The governor and legislative finance committee will each propose budget plans in January.

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