Gov. Bill Richardson (Photo by Heath Haussamen)
Gov. Bill Richardson is set to unveil his proposal to balance the state budget on Tuesday, and he says he will support a temporary tax increase as part of the fix, The Associated Press is reporting.
“My budget recommendations will include new revenue as a temporary measure to shore up the budget during this historic global recession,” Richardson said in a statement given to the AP. “But I will only support a package that automatically expires after the economy recovers and we no longer need this temporary infusion of revenue.”
The governor isn’t going to specify on Tuesday what tax should be increased, the article states. He will instead negotiate that with the Legislature.
The governor’s recommendation will include another $300 million in cuts on top of the more than $200 million cut last year by the Legislature and through an executive order issued by Richardson.
The legislative session starts Jan. 19.