"A far more serious problem than 2009." That’s how Democratic Senator John Arthur Smith who chairs the New Mexico Senate Finance Committee described New Mexico’s budget deficit to KSFR’s Mary Lou Cooper.
Since 2014 oil and natural gas prices in New Mexico have dropped precipitously. While consumers welcome the prices at the pump, the impact on the New Mexico budget which typically receives up to 25% of general fund revenue from oil and gas has been devastating.