New Mexico – Gov. Bill Richardson is asking executive branch agencies for plans to cut spending by 3 percent to help close a state budget deficit.
The governor will call a special session of the Legislature, probably in October, to balance the budget. Revenues are projected to fall more than $400 million short of what's needed to pay for this year's state budget.
Richardson and legislators hope to negotiate a deficit reduction agreement before the session. The governor plans to offer a budget-balancing plan as part of those talks.
Richardson's office said Monday his plan will not increase taxes. The governor also is urging other branches of government, such as the judiciary, to develop proposals for 3 percent spending cuts.
Copyright 2009 The Associated Press.