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New Mexico State Treasurer Laura Montoya. (NM Legislature)
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New Mexico State Treasurer Laura Montoya. (NM Legislature)
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State financial leaders sharply criticized Senate Republicans’ proposed budget plan during a press conference Thursday, calling it a “reckless giveaway to the ultra-wealthy” and warning of its sweeping impact on working families and essential public services.
The press call, hosted by Americans for Responsible Growth, followed a ruling by the Senate parliamentarian that determined Republicans’ attempt to include significant Medicaid cuts in their reconciliation bill violated Senate rules. The budget proposal—nicknamed the “One Big, Bogus Mistake” by opponents—has drawn fire for targeting social safety net programs while providing tax breaks for billionaires and big corporations.
New Mexico State Treasurer Laura Montoya joined Washington State Treasurer Mike Pellicciotti and Maryland Comptroller Brooke Lierman to sound the alarm about the bill’s potential consequences. The trio outlined how the proposal could lead to increased costs for housing, electricity, and higher education, while shifting the tax burden onto working families.
Montoya focused on the bill’s potential to undermine New Mexico’s clean energy economy.
“The GOP proposed budget bill threatens to gut key parts of the Inflation Reduction Act, and in doing so, it threatens New Mexico and our nation’s clean energy future,” Montoya said. “That’s not just bad politics, it’s bad economics, bad foresight, and bad for our communities’ future.”
New Mexico has been a national leader in clean energy development, ranking first in energy efficiency job growth in 2023. Montoya said that the state’s clean energy sector now supports more than 13,000 jobs, a figure expected to rise as the state continues its transition to renewable energy.
“Eliminating or even weakening these provisions makes the inevitable shift to clean energy more expensive for small businesses, while raising energy prices and killing jobs in the process,” Montoya said. “Without these provisions, low-income communities and public institutions would be shut out of the clean energy transition entirely, slowing our overall progress toward a cleaner and more equitable future. And even beyond economics or energy source reliability, our health depends on the shift to clean energy. It means clean water, clean air, healthy communities and a livable planet for our children, grandchildren and future generations.”
The financial officials painted a grim picture of the broader implications of the GOP budget plan, arguing that it would not only slow economic progress but also jeopardize public health and environmental gains. They urged lawmakers from both parties to reject the legislation.
With Senate Republicans seeking to push the bill forward before the July 4th recess, opposition is mounting among state leaders who argue the proposal prioritizes special interests.
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