In the New Mexico legislature, as in the US Congress, budget bills originate in the House of Representatives. The House Appropriations and Finance Committee is now putting the finishing touches on the budget for next year (yes, that's the year when we're projected to fall $600 million short due to the economy) and it will come to us this week. It's been tricky to figure out exactly what the stimulus package will bring to New Mexico, but we do know that it's a lifesaver for health care programs, especially. But, it's not enough to save us from pretty draconian cuts. The latest proposal is that state employees should pay more for their pensions, thus freeing up the employers' (i.e. the state government) share to reduce the deficit. This would add about $42 million to the general fund, it is estimated.
In some states, state employees are taking unpaid furloughs or sustaining layoffs, so the pension route may be preferable. But, shouldn't we be talking about raising revenue as well as making cuts in basic services? There are several bills out there to increase cigarette, alcohol and soda pop taxes, as well as to close some loopholes with regard to corporate taxes. We need to consider them too-in spite of opposition from those special interests.
According to Wikipedia the Bank of America corporate headquarters is in NC, USA.
Posted by: jan deininger | June 22, 2009 at 11:27 AM