New Mexico

DALLAS — The New Mexico Legislature has approved a $5.6 billion budget in a special session that balances spending with the largest tax increase in more than 20 years while cutting spending by $100 million.

WASHINGTON — The Securities and Exchange Commission has barred ex-Wachovia Securities LLC broker Guy P. Riordan from associating with any broker or dealer, and ordered him to pay a $500,000 penalty and to disgorge almost $938,354 in ill-gotten gains and interest for securities fraud violations stemming from a pay-to-play scheme involving the former treasurer of New Mexico.

The latest estimate of New Mexico’s revenues predicts a $650 million shortfall for fiscal 2010, up from an estimated $433 million in August.