Governor Cuomo and leaders of the New York State Senate and Assembly have reached agreement on a $132.5 billion budget.
Cuomo announced the agreement in a rare Sunday meeting with Senate Majority Leader Dean Skelos and Assembly Speaker Sheldon Silver.
The budget will reduce spending by about 2% from the current budget.
Cuomo said the budget will eliminate 3,700 prison beds, establish regional economic development councils, redesign Medicaid, and cap next year’s education and Medicaid spending with no new taxes and no borrowing
He said it will also cut next year’s projected budget deficit from $15 billion to about $2 billion.
The agreement is likely to pass before the April 1st deadline.
