New Mexico Gov. Bill Richardson has proposed a plan to reduce the state’s $441 million revenue shortfall for fiscal 2010 with the help of a total of $444 million in federal stimulus funds, bond proceeds, and spending cuts.

A special legislative session in October is expected consider how to close the budget gap in the $5.5 billion state budget for fiscal 2010. The governor presented the plan to an executive-legislative working group that he formed to develop solutions before the special session.

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