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New Mexico legislature approves payments to offset inflation

Inflation Rebates-New Mexico
Morgan Lee/AP
Democratic state Sen. Harold Pope, of Albuquerque, speaks to the New Mexico state Senate in Santa Fe, N.M., on Tuesday, April 5, 2022. The Legislature was vetting a bill that would provide tax rebates and payments to offset the rising consumer prices. More than a dozen states are considering or implementing payouts to the public in response to raging inflation and budget surpluses. (AP Photo/Morgan Lee)

By MORGAN LEE Associated Press

SANTA FE, N.M. (AP) — Democratic lawmakers are pushing for one-time payments to New Mexico residents of $500 per individual or $1,000 per household to offset steep prices for fuel and raging inflation. The aid package won legislative approval Tuesday and goes to the governor for consideration. The bill would distribute nearly $700 million to adult residents of all income levels. Republicans in the legislative minority warned that rebates would only stoke inflation further. Fuel prices are taking a bite out household finances at the same time that New Mexico state government is experiencing a financial windfall linked to record-setting oil production.