Wednesday, January 10, 2007

Richardson Submits Balanced Budget to Legislature

Imagine this, a potential Presidential candidate, governor of a small state who offers up balanced budgets to the legislature. No, I'm not talking about Howard Dean and this isn't 2004. I'm referring to the $5.7 billion budget Governor Richardson submitted to the New Mexico Legislature, that not only is balanced, but sets aside money in reserve and is an model of fiscal responsibility.
To avoid creating obligations for future spending that can’t be supported by anticipated revenue, Governor Richardson’s budget plan establishes reserves at 10 percent of recurring appropriations.

“We’re taking care of the state’s needs, and investing in the future,” Governor Richardson said. “But we’re doing it in a fiscally responsible way – with a balanced budget and prudent cash reserves. I will not tolerate reckless spending.”
Imagine what Governor Richardson could do with the federal budget if given the opportunity. Economic growth, fiscal responsibility, meeting the country's needs...something we haven't experienced under REpublican leadership.

In addition to balancing the budget, Governor Richardson's budget provides significant funding for education, health care and public safety.
Governor Richardson’s budget proposal for the 2007 budget year leaves room for $125 million in tax cuts, and includes $561 million in new, recurring spending, which enables the state to pay for bold initiatives, such as:

o 9.1% increase for pre-kindergarten through 12 education
o 8.9% increase in higher education
o 10.6% increase in public safety
o 13.3% increase in health and human services
You can find the text of the budget here.

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