The Latest: New Mexico House Nears Vote On Agency Cuts

SANTA FE, N.M. (AP) — The Latest on a special session of the New Mexico Legislature (all times local): 2:20 p.m. A budget solvency plan that would slash spending at most New Mexico agencies is under discussion on the floor of the House of Representatives. The Republican-led House introduced new amendments Wednesday to a Senate-approved budget solvency bill that would cut agency spending this year by $175 million. House Republicans initially proposed steeper overall cuts to state agencies that would spare the Departments of Public Safety and Children, Youth and Family. A sustained downturn the oil and natural gas sector has rippled through the New Mexico economy, eroding state government revenues from royalties and a variety of taxes. Lawmakers are attempting to close a nearly $600 million shortfall and restore depleted operating reserves. A major credit rating agency is reviewing the state's finances for a possible downgrade that would increase borrowing costs. GOP Gov. Susana Martinez steadfastly opposes any new taxes.