Gov. Bill Richardson at a press conference just now said this session is the Year of Fiscal Restraint. Now there's a title that's catchy. . .

The governor outlined his budget plan, which includes:
cuts to agencies of $108 million
increased tax collection of $79 million
de-authorization of capital outlay projects to the tune of $263 million
other one-time cuts totaling $48 million

For a total of $498 million in cuts and improved tax collections.

“My budget plan does not increase taxes; leaves essential services for New Mexicans intact; and keeps substantial and responsible cash reserves to protect us against further shortfalls,” Richardson said in a statement.

At the same time, though, he said it's "going to be a tough session."

Nothing could be more true. The battle has only begun over what will be cut and what won't, and it's not going to be pretty.

P.S. Here's a look at the LFC's budget plan.