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New Mexico lawmakers propose budget solvency measures

SANTA FE, N.M. (AP) — New Mexico lawmakers are diving into efforts to close a lingering budget gap for the current budget year on the second day of their legislative session. Lawmakers begin deliberations Wednesday on a package of solvency bills designed to close a $69 million budget deficit for the fiscal year ending June 30. The plan would replenish state operating reserves to more than 2 percent of annual general fund spending. That would mark a significant step toward safeguarding the state's credit rating and low borrowing costs. Lawmakers are rushing to close a lingering budget gap so that they can map out spending for the coming fiscal year that begins July 1. The budget crunch is closely linked to a downturn in the oil and natural gas sectors that has sapped tax revenues.