By KRWG News
New Mexico – Gov. Bill Richardson plans to call a special session of the Legislature on Oct. 17 to resolve a looming state budget deficit.
Richardson announced the date of the session on Monday after meeting with a group of legislators on what should be done to resolve the state's budget problems.
Lawmakers will receive an updated revenue forecast next week that will set the deficit reduction target for the session.
There's no agreement yet on a deficit reduction package, but the governor says tax increases will not be considered during the special session.
The state faces a revenue shortfall projected at $433 million, but some lawmakers expect the deficit has grown to $550 million or more because of a continued weakening of the state's economy.
Copyright 2009 The Associated Press.