New York legislators approved a $132.5 billion-dollar budget just after midnight last night. This is the state’s first early budget since 1983. The budget lowers state spending by two percent, and cuts nearly $13 billion from a projected $15 billion deficit, all without raising taxes or borrowing.
The budget also eliminates 3,700 prison beds, implements regional economic development councils, caps next year’s medicaid and education spending, and consolidates state government operations.
Senator Tom Libous says the spending cuts are in line with those he pledged to fight for last year.
Legislators also say the budget’s job incentives will help boost small businesses and attract new business to New York.
