The Roundhouse in Santa Fe (Photo by cjc4454/flickr.com)
The state’s current fiscal-year budget deficit has grown to $660 million, a new revenue projection set to be released Thursday will say.
That’s according to the Albuquerque Journal, which reported the new figure this evening on its Web site. The Journal said the number was confirmed by the state’s Department of Finance and Administration.
In recent weeks, high-ranking lawmakers have said the deficit could grow to as much as $700 million before the special session begins Saturday, so the news isn’t a surprise.
Lawmakers also have to address a pending shortfall of more than $200 million from the last fiscal year.
They’re expected to use cash reserves to do that, but to deal with the current deficit, the debate centers primarily around what to cut and whether to also raise taxes or find other new sources of revenue. Whether to cut education and Medicaid are particularly contentious subjects.