With the special session only a week away, it might put a smile on someone’s face in the Roundhouse to compare New Mexico’s finances to that of other states.

Some states are hurting so bad they’re scrambling to make ends meet, according to the National Conference of State Legislatures, which reported last month that the 50 states’ collective gap between revenues and expenditures tripled from $13 billion to more than $40 billion in a year’s time.

The report goes on to point out:

Four states will reduce the size of the state workforce, in some instances by not filling vacant positions. Nine states reported a hiring freeze. States like Minnesota, Massachusetts and Nevada have tapped their rainy day fund or some other state fund.

And things may have gotten worse since that report was released.

Now there are reports that 16 states are attacking revenue shortfalls through buyouts, hiring freezes and/or layoffs.

Of course not every state is hemorrhaging money. Enter New Mexico, which has a sizable portion of its tax base tied to natural resources. In fact, Gov. Bill Richardson and some lawmakers are locked in a debate over whether to expect a boom or bust in future oil and gas revenue that the state will use to pay for expanded health care coverage and road construction, as well as for tax rebates for New Mexicans.

But it’s not all happy news, even for states that depend on natural resources for a substantial portion of their tax base. The convergence of the housing crisis, fuel prices and the national economic slowdown could make for some choppy sailing, experts say.