Legislature eyes $1B in cuts over 2 years

August 20, 2008 8:28:59 AM PDT
The state Legislature has agreed on a plan to cut state spending by about $1 billion over the next few years.They're expected to pass the legislation late Tuesday evening.

Lawmakers haven't finalized plans for cutting health care.

The deal was expected to include 6 percent cuts across the board. The bill would not cut basic school spending, but the City University of New York was expected to have as much as $50 million shaved from its budget.

Also today, the Assembly voted 118-24 to pass a so-called circuit breaker. It's meant to provide property tax relief to many homeowners statewide while raising almost $2.7 billion from new income taxes on 77,000 people earning more than $1 million annually.

It's expected to be a one-house bill.

The Republican-controlled Senate passed a measure to establish a constitutional limit on annual state spending increases of 4 percent.