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oil prices are still slumping unemployment is still up and while generally we'd say the economic picture right now is not a pretty one the outlook for the state's finances is unexpectedly optimistic this week lawmakers heard that economists expect more money to be available for the next budget when they arrive at the capitol in person or online of course for the legislative session and diane snyder a couple things here one there's almost 170 million in new money for the next year's budget and two state reserves are expected to be at better than 30 percent that's pretty rosy outlook how can lawmakers turn that money into making life better for new mexicans well spend it on on helping the small businesses for one thing but um i think the thing that we need to be very careful about is we we know that if the incoming administration is the one that actually takes place then they have made it very clear and i don't care how you state it they've made it very clear that they will not be the big supporters of the oil and gas industry and since we rely so much on that i think that our legislators in this coming session have to balance the current need with what the possibility of having little to no money coming in next year because uh and one of the things if and if the uh cove it continues then retails gross receipts taxes will be going down taxes of all kinds will be going down so uh it will in that will reduce the amount of income coming in and then you get into who's going to be in charge of the money i mean we all know there are going to be major changes in the staffing uh starting with the president pro tem one of the things that i find interesting is the total change in the um republican party and the senate is how the so i don't know if there are going to be new alliances or if there are going to be all-out battles to get the money and where it's going to be i think it's going going to be a difficult time yep i appreciate having three ex-legislators by the way talking about this subject this is interesting budget issues and senator griego senator snyder just made an interesting point we may be looking good now but do we have a bit of a lit fuse in the background meaning a lot of the gross receipts have plummeted upwards of 40 and so down the road whatever money we have is going to be gone how do you see this from your ex legislator point of view well the one thing we haven't talked about is there in the bill that's likely to pass hopefully uh congress is a pretty substantial uh chunk for local go for state governments i you know it's it's north of a billion dollars a billion and a half actually so so if that happens and there's and that isn't derailed with all the politics happening in washington that there's gonna be a big federal peace to this that's gonna help us through the next year we just have to get through this next year right look oil and gas regardless of let me stop you there when you say just have to get through this next year do you mean you're assuming a rebound back to previous coveted levels or around the corner no i think the economy most people think including the forecast that you heard are that if we can get through the next year with some help from the federal stimulus everybody the inevitability of the oil and gas sector what has is that it's phasing out regardless they're not you know there there is no magic bullet if we all decided like we're not we're going to do a single renewable energy green energy thing it's not sustainable the industry itself is not sustainable so as we ramp up green energy as we diversify our economy into lots of other sectors that's how the economy is going to adjust it's something we should have been doing for the last 20 years but that transition is already happening you saw the netflix things happen there's a lot of industries that are really going to start to really diversify the new mexico economy and we've been kind of forced into it but even uh without this pandemic we have to transition away from those revenue streams the federal government hopefully will help us through this really tough period that we're going to have in the next year the fact that there is a big chunk of reserves is going to help us and and i think it's just really honestly it's making it through the next year and a half and then really really kind of reconfiguring our economy as we've already started doing to really rely on a much more diverse set of revenue sources one more thing like we've got to really take a look at where our tax structure again right because there is still a really uh not so progressive tax structure and we have to pass things like capital gains reform we have to ask the richest folks in the state to do more and we have to roll back some of those corporate tax cuts that never have really come to fruition in terms of jobs if we really diversify our revenue streams we don't have to be so rely on line on oil and gas and we can actually get to a long-term sustainable budget dan foley let me pivot here a little bit interesting uh senator snyder made mention of this a lot of new faces in the legislature are coming up this next session who's going to be the difference maker up there in your view what what what person are you going to be watching closely well clearly you're going to have to watch the new senate republican leader i mean that's you know that's been stewart engel since i think uh christ was a choir boy and so you know it's it's that's gonna be a different uh that's gonna be a definite change i mean stuart um you know people people don't realize that from you know the stories that i was told when i first got up there that you know when stuart first got elected him and tim jennings shared an office together the way it was set up that they actually worked together in the same office so you had kind of the old guard get along come to compromise type stuff um how about stewart how about mimi stewart what do you think the impact of her is going to be oh i you know listen mimi's been the mimi was progressive before progressive was cool you know i mean when i was in a legislature you know we just called her far left um you know uh mimi i i hope that i hope that comrade eric and his group are recognizing mimi for her foundation of uh progressivism in new mexico at some point because she was doing you know this progressive stuff long before anybody else would talk about it i mean i remember when i was in the legislature mimi was the outlier right mimi was that's the far left over there and uh so you know i think that you know the one thing i will say though is don't underestimate her okay uh and now that she's in the leadership position uh you know i can tell you right now that that that that woman right there can can wield some power and is going to be very effective um i think also at the end of the day you know eric threw a lot out there and you know i'm not going to think i'm not going to get in all of that with it with eric but i think that at the end of the day you know we have to remember this by constitution we have to have a balanced budget there's a reason why you're hearing from the economist like you do now they work for the legislature and you know every time that i was there you know you got those guys in there everything is based on oil and gas and you just squeeze those guys until you come up with the number you need to back into the budget you want so you know i think that uh eric eric eric's not wrong on his diversifying the economy but you know when you're diversifying the economy it's really not a theory of if you build that they will come you got to have a plan and you know when we start looking at attracting sustainable jobs and bringing people to these to this state we don't have water we don't have the things that are needed we have a horrible crime situation i mean businesses are not wanting to relocate here so let me jump in here real quick and let me ask eric about the same question about mimi stewart um you know there's a lot of things on the table early childhood and disbursements from the land uh grant permanent fund as you know repealed the abortion decriminal criminalization uh there's a lot of things recreational marijuana can't you know ignore that what's what do you what's your sense of the impact maybe stewart's going to have in this new position oh she's a force i mean she's been she's got as much experience as anybody up there and she's tenacious i i think she is progressive um i think that she understands that she's got to be representing as the entire body you know the pro tem is supposed to work with everybody but she also knows because she's been fighting for this stuff for 20 years the time has come that for this disinvestment that we've had in a lot of the basic human capital investments we've been talking about for a generation like early childhood like really uh um obviously repealing that that draconian abortion law um like legalizing like marijuana where that we can actually do it in a way that's responsible and regulated but also generate some revenue so i think um not just me but the leadership team you know you have you have a lot of experience on the on the new senate leadership team you know same same majority leader but you also have the lopez now as whip who's been in the senate a long time as well um so i and then this new freshman class seven new freshmen uh democrats um all of whom are already getting really organized they're really smart really passionate and i think they're going to be a force in and of themselves so i think what we're going to see is a lot of pent-up legislation that should have been passed 10 years ago is going to pass including the constitutional amendment foreign years ago isn't that when you were in the senate isn't that right well that's senators are really highly educated because they've they're taking the griego mantra and they're going forward finally and finally they're catching on but you know the permanent fund just last thing genius permanent fund you know it's been pretty stable it's close to 20 billion dollars and we still keep saying we can't touch it we can't we can't touch it and this is the year that i think we're gonna touch it and we're gonna actually invest in in kids zero to five and you know there may be some more t for for k12 in there as well so in addition to all this other fundraising remember we're sitting on a 20 billion dollar fund that we could afford to take a little more out of senator if you can do it in 10 seconds 10 seconds one thing you need to remember all these companies coming in think about all the incentives we're giving them and who's paying for that it's oil and gas money that we're paying it for so before there's a time lapse between getting them here and making them profitable as to income coming into the state fair enough hey guys thanks to all as panelists for keeping on top of the news this week 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