Gov. Michelle Lujan Grisham signed the state’s new $7.6 billion budget Wednesday, while cutting some capital outlay projects to free up additional money given falling oil prices and the economic impact of the novel coronavirus.

The governor vetoed $150 million in general fund spending that lawmakers had approved for public works and roads projects, money that will now go to the state’s reserves.

“We’ve got to be prepared as a state economically,” Lujan Grisham said Wednesday. “We want to make sure we have enough money in reserves.”


Jens Gould covers politics for the Santa Fe New Mexican. He was a correspondent for Bloomberg News in Mexico City, a regular contributor for TIME in California, and produced the video series Bravery Tapes.