Conservative bloggers are speaking out against the Senate-passed version of the $700 billion bailout plan that contains a plethora of earmarks and other measures, including two of great importance to New Mexico senators Pete Domenici, R-N.M., and Jeff Bingaman, D-N.M.: a mental health parity provision and new tax credit extensions for the wind and solar energy industries, respectively.

 

Rep. Steve Pearce, R-N.M., has already said he will vote against the bill when it goes to the House today, while his Republican colleague, Heather Wilson, and Rep. Tom Udall, D-N.M. had not publicly decided.

 

In addition to the mental health parity provision, which requires that insurance companies treat mental illnesses the same as physical illnesses (which Domenici had made one of his major causes in Congress), the bill includes a energy section called the Energy Improvement and Extension Act of 2008. That provision includes a dozen provisions related to energy conservation and renewables.

But the bailout bill also includes a number of changes in the tax code, from temporary relief to hurricane damaged areas to a provision that would exempt from excise tax wooden arrow shafts used in children’s bow and arrow toy sets.

Balloon fans descend on Albuquerque

“Expect delays” signs are dotting northwest Albuquerque in anticipation of Saturday’s pre-dawn official start of the International Balloon Fiesta, which is expected to draw up to 700 balloonists form around the world, KOB-TV reports. The fiesta unofficially kicked off with balloon demonstrations this morning at area schools.

Navajo Nation hit by financial crisis

The Navajo Nation has taken a $120 million hit in investments since last October, but because of its diversification strategy, will fare better than most of corporate America, the Gallup Independent reports. During a briefing before the tribe’s budget and finance committee this week, the tribe was told, among other financial details, that its exposure to the failed Lehman Brothers was approximately $2.8 million, and to AIG, its exposure was $2.3 million, the paper said.

Protest in Taos succeeds

A quiet protest in Taos this week has resulted in a number of gas stations dropping their fuel prices by up to 20 cents a gallon, the Taos News reports.

Biden’s son to train at Fort Bliss

And Capt. Beau Biden, son of vice presidential candidate Joe Biden, arrives in El Paso en route to Fort Bliss this weekend to begin training for deployment to Iraq, the Las Cruces Sun-News reports.