This is a little late, but here’s video of the Sunday news conference with Gov. Andrew Cuomo and legislative leaders announcing a tentative $132.5 billion budget agreement.
–The $132.5 billion budget would reduce state spending by about 2 percent from the current year, closing a $10 billion deficit for the fiscal year that starts Friday April 1.
–Education aid would be cut by about $1.2 billion after the Legislature and Gov. Andrew Cuomo agreed to add back $272 million in spending. Cuomo said the cuts will be spread evenly through the state, but specific school reductions won’t be available until Monday.
–Education and Medicaid spending, the two most expensive items in the budget, would be funded over two years. The increase would be capped at 4 percent in the second year for both programs.
–The spending plan means the budget deficit in the following year, the 2012-13 budget year, would drop from $15 billion to about $2 billion.
–The spending plan doesn’t include any broad tax increases and doesn’t include an extension of higher income taxes for the wealthy, which is set to expire at year’s end and Democrats and school groups wanted to retain.