- Associated Press - Friday, February 19, 2016

SANTA FE, N.M. (AP) - New Mexico’s Legislature could be called back to the capitol for a special session later this year if state revenues continue their downward slide.

Lawmakers headed home warily Friday to distant corners of the state after approving a $6.2 billion budget that reduces spending.

The state is drawing down its reserve funds and pinching pennies to pay for day-to-day government operations because of plunging revenues linked to oil and natural gas production, as well as weaker-than-expected sales and income tax receipts.

Republican Gov. Susana Martinez says it’s unlikely lawmakers will need to reconvene on budget matters. The state has a little more than $100 million in contingency funds available before it would need to tap into a tobacco settlement fund. That last resort measure requires the Legislature’s approval.

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