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One of the governor’s picks for a powerful regulatory commission has recused himself from decisions that involve a proposed multibillion-dollar merger between a U.S. subsidiary of global energy giant Iberdrola and New Mexico’s largest electric utility. The case is pending before the state Supreme Court after the elected members of the previous Public Regulation Commission rejected the deal over reliability and price concerns. Gov. Michelle Lujan Grisham has supported the merger, and newly appointed Commissioner Patrick O’Connell had testified on behalf of a proposed settlement during his time working with an environmental group. O'Connell also had previously worked for the New Mexico utility.

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Stocks fell on Wall Street ahead of a week full of potentially market-moving events. The S&P 500 dropped 1.3% Monday as markets prepare for decisions on interest rates around the world and a slew of earnings reports. Wall Street ended last week at its highest level since early December in part on hopes that cooling inflation will get the Federal Reserve to take it easier on interest rates. Its next decision will come Wednesday, and investors expect a smaller increase. Several of the biggest U.S. companies will also report their earnings this week, and the monthly U.S. jobs report arrives Friday.

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The Treasury Department has announced plans to increase its borrowing during the first three months of 2023. The move highlights the ongoing debate over federal spending that has overtaken Washington, as the U.S. government is on track to max out on its $31.4 trillion statutory borrowing authority — also known as the debt ceiling. Treasury officials said Monday the U.S. plans to borrow $932 billion during the January-to-March quarter — which is $353 billion more than announced last October. That's due to a lower beginning-of-quarter cash balance of $253 billion, and projections of lower than expected income tax receipts and higher spending.