KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com | NM governor signs first deficit-reduction bill

NM governor signs first deficit-reduction bill

Associated Press - November 9, 2009 6:45 PM ET

SANTA FE, N.M. (AP) - Gov. Bill Richardson has signed the first bill in a package of deficit-reduction measures approved during the special legislative session.

The legislation sweeps up money from various state funds and accounts to help fill a gap in this year's state budget.

The biggest chunk of money, some $68 million, comes out of a college scholarship fund.

Richardson vetoed about $6.5 million that lawmakers wanted to pick up, including funding for domestic violence and pre-kindergarten programs.

The governor said his vetoes left nearly $110 million available to be swept up from state accounts.

Thursday is his deadline to act on a package of spending cuts and fund transfers aimed at providing $525 million to shore up the budget.

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