By Andrew Oxford
The New Mexican
Correction: In the following story, the Santa Fe New Mexican incorrectly reported that Gov. Susana Martinez vetoed $8 million in funding cuts to the Public Education Department passed by the Legislature. Martinez didn't veto the cuts.
Gov. Susana Martinez signed three bills Tuesday to balance the state's budget, taking about $46 million from the reserves of public schools. But she vetoed cuts to an economic development program, the Public Education Department and various accounts in New Mexico government.
The bills could raise $190 million for the state's general fund, closing a deficit that was projected to total about $80 million. The measures also will replenish government reserves, though not nearly to the extent of plans proposed in early January by legislative staff and the governor's own administration. The package will leave the state's cash reserves at 1.8 percent, rather than nearly 3 percent as previously proposed.
Martinez said in a statement the package isn't perfect, but she maintained that "it doesn't compromise our principles."
Republicans in the state House of Representatives cheered the governor's decision to veto pieces of the solvency package that they had opposed.