New Mexico won't tap permanent fund for early education

SANTA FE, N.M. (AP) — A Senate panel in New Mexico has voted down a constitutional amendment to boost spending on early childhood education with money from a state sovereign wealth fund. The Senate Rules Committee tabled the initiative Wednesday on a 6-5 vote, ending chances for approval this year. The Democrat-sponsored amendment would have increase annual withdrawals from the state's $15 billion Land Grant Permanent Fund by 1 percentage point to fund education programs for children ages 0-5. Democratic Sens. Mary Kay Papen and Clemente Sanchez joined Republicans in opposition. Critics say the plan risked drawing too much money each year from a fund seen as a trust for future generations. The fund receives royalties from oil and natural gas production on state trust land, while distributions benefit public schools and hospitals.