I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
Budget head says New Mexico has enough reserves to weather debt crisis
New Mexico will be able to pay its bills for about 22 days if the federal government fully or partially halts payments to the state, according to Finance and Administration Secretary Rick May.
The Treasury Department says it has the legal authority to borrow until Aug. 2. The AP reports that federal government revenues account for a third of the state’s $15 billion budget, and $3 billion of that going towards Medicaid. The state has $1.4 billion in reserves and pays out about $65 million per day.
Moody’s placed New Mexico’s credit rating “under review” for downgrade, however, because of its reliance on the federal government for revenues (including Medicaid reimbursements), and number of federal employees.