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Study the state's economic outlook, its revenue forecast, its gross receipts tax trends and one thing will be clear: Gov. Bill Richardson has some serious cash in the bank.

The money - a just-announced boost for the next fiscal year of $723 million more than this year - no doubt will help Richardson appease the wants of 112 lawmakers in the upcoming 60-day session.

Could it help him with others - as in national others - as well?

Probably, says University of New Mexico political science Professor Christine Sierra.

"He wants to be able to position himself as a Democrat who can cut taxes while funding social services," she said.

Getting local legislative leaders to agree on how the money will be spent might not be the easy part for Richardson, widely believed to run for president in 2008.

"With a surplus, it's a battle of priorities," Sierra said.

Richardson already has outlined parts of his wish list for the 2007 session. He got some input on his health care, homeland security, education and energy ideas at a closed-door retreat with a group of policy advisers, consultants and former governors from New Mexico and across the country on Monday.

Meanwhile, members of the Legislative Finance Committee are starting to roll out their spending plans for the $5.8 billion budget. The session starts Jan. 16.

On the list from Republicans and Democrats: More police officers to enforce DWI laws. Additional cash in the trust fund for water projects. Millions more for Medicare, health care, teachers. Expedited income tax cuts. And overall, avoid creating new programs that will take money each year.

"We have some fundamental issues out there that are not taken care of," said Sen. John Arthur Smith, a Democrat from Deming and vice chairman of the Senate Finance Committee.

"We've got a lot of government that is not funded adequately."

Smith listed health and child care as among the many programs he said could use additional funding.

Richardson said he wants $100 million in tax cuts. The relief among other things is aimed at helping New Mexicans make paying for college more affordable, helping clean energy companies and assisting working families.

"The consistent strength of our economy gives me confidence that we can cut taxes, invest in our schools and make health care available to more New Mexicans, while maintaining prudent cash reserves," he said in a statement.

The first-term Democrat re-elected last month has already laid out a slew of spending proposals for the 2008 fiscal year, which begins July 1, 2007.

A big chunk of the budget growth is streaming in from oil and gas revenues, as well as an uptick in corporate tax collection.

If Richardson is considering rolling out new spending proposals, he should keep in mind the ones already in progress, said Sen. Sue Wilson Beffort, a Sandia Park Republican.

That's because the cost of projects like the $393 million RailRunner are likely to catch up to the state's coffers, she said.

"There are all these free rides, but there are going to be deficits to pay for," she said.

Beffort said she'd want to be sure the cost of the $200 million-plus Spaceport planned in Sierra County doesn't skyrocket either.

"I'd like to get a good accounting on that," she said.

"I think that sending it back to the people again should be back on the table," she said.

Richardson, who has signed tax cut packages in the past, also last year gave up to $289 in rebates to help New Mexicans deal with the spike in gas prices. Low-income residents got up to $500 to deal with the increase home heating costs.

Overall, Smith said, those writing the checks will have some intense negotiating to do in the coming months.

"We're going to meet on the 50 yard line," he said. "I don't think we're going to meet on the 99 yard line."