Feds sign off on $65M for NM schools

SANTA FE (AP) - The federal government has signed off on $65 million in aid to New Mexico to help public schools avoid deep budget cuts this year.

Gov. Bill Richardson announced Thursday the U.S. Department of Education had approved the state's application for the latest allocation of federal economic stimulus money.

New Mexico's schools had been facing 3.2 percent cuts like the rest of state government because of a budget shortfall. However, the federal aid will offset most of those reductions and leave schools with a drop in state spending of about one-half of 1 percent this year.

Public schools account for nearly $2.4 billion in state spending. That's about 45 percent of the state budget.