SANTA FE, N.M. (AP) — A Senate panel in New Mexico has voted down a constitutional amendment to boost spending on early childhood education with money from a state sovereign wealth fund. The Senate Rules Committee tabled the initiative Wednesday on a 6-5 vote, ending chances for approval this year. The Democrat-sponsored amendment would have increase annual withdrawals from the state's $15 billion Land Grant Permanent Fund by 1 percentage point to fund education programs for children ages 0-5. Democratic Sens. Mary Kay Papen and Clemente Sanchez joined Republicans in opposition. Critics say the plan risked drawing too much money each year from a fund seen as a trust for future generations. The fund receives royalties from oil and natural gas production on state trust land, while distributions benefit public schools and hospitals.
New Mexico won't tap permanent fund for early education
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