DPNM: Governor Martinez Must Address Budget, New Mexico Credit Rating at Risk

New Mexico – Today, the Democratic Party of New Mexico called on Governor Martinez to make a plan for the budget before New Mexico’s credit is downgraded.

“Governor Martinez has ruined New Mexico’s economy, and now we’re facing a serious threat to our credit standing. Governor Martinez needs to come up with a plan to fix our budget instead of waiting around and calling for cuts across the board without prioritizing New Mexico families,” said Juan Sanchez III, Vice Chair of the Democratic Party of New Mexico. “We cannot continue to run our state on the backs of students, children, and New Mexico working families, while corporations enjoy the tax breaks Governor Martinez secured for them.”

This week, Moody’s Investor Service announced a review of New Mexico’s credit rating, citing state revenues as a concern.

Governor Martinez continued to put corporations ahead of New Mexico families by refusing to postpone tax breaks for corporations, putting New Mexico in an even deeper budget deficit.

Governor Martinez announced a directive for all state agencies to cut 5 percent without prioritizing investments to grow New Mexico’s economy just before the Albuquerque Journal reported that she attended political meetings in Dallas, Texas—in effect washing her hands of the damage her economic agenda caused to the state’s economy to build her own national profile.

Under Governor Martinez, New Mexico ranks 49th for child well-being and 50th for education according to the Annie E. Casey Kids Count Data Report. And another report put New Mexico second to last for full time job seekers finding employment. New Mexico’s unemployment rate remains well above the national average at 6.4 percent.

Senate Democrats proactively urged Governor Martinez to call a special session in August. Governor Martinez refuses to address the problem, while the state’s economic outlook worsens. With a total deficit of $223 million in FY2016 and an estimated shortfall of $431 million for FY2017, it’s clear that Governor Martinez’s Republican economic agenda harms New Mexico families.