Cuomo, Legislature Reach Budget Agreement

Governor Andrew Cuomo and legislative leaders have announced a $135 billion tentative budget deal that would keep the spending increase under 2 percent and include business and family tax cuts, most of which would be in the 2014-15 fiscal year.

                                                     

Cuomo says the deal also calls for a $350 rebate check for middle-class families with at least one child and a household income of $40,000 to $300,000. The checks wouldn't be sent to taxpayers until 2014, an election year for Cuomo and lawmakers.

In addition, the agreement would raise the $7.25 hourly minimum wage to $9 over three years,  without automatic increases tied to inflation, and would cut taxes on employers who hire recent veterans and young workers and on small businesses and corporations.

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