The $132.5 billion budget would end an income tax surcharge on high earners and impose big spending cuts on education and health care
Capping weeks of secretive negotiations and intense political jockeying, Gov. Andrew M. Cuomo and leaders of the Legislature on Sunday announced a $132.5 billion budget agreement that would cut overall spending, impose no major new taxes and begin a long-term overhaul of New York State’s bloated Medicaid programs. The agreement, five days before the March 31 budget deadline, offered the prospect of Albany’s first on-time budget in five years. If enacted by lawmakers, the deal would cut the state’s overall year-to-year spending for the first time in more than a decade. While some details were not available on Sunday night, the outlines of the deal suggested that Mr. Cuomo had won a significant victory in his battle to rein in state spending and corral the unions and other special interests that have long dominated the budget process in Albany. It would also fulfill one of Mr. Cuomo’s main campaign pledges: to avoid new taxes in addressing the state’s financial problems.
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