NY budget deal near after latest negotiations - NEWS10 ABC: Albany, New York News, Weather, Sports

NY budget deal near after latest negotiations


ALBANY, N.Y. (AP) - Legislators are starting to sign off on some aspects of the state budget as a final agreement draws near that will increase the minimum wage and provide some tax breaks, most of them effective a year from now.
Assembly Speaker Sheldon Silver says most of the $700 million in business and middle class tax cuts announced this week by Senate Republicans won't be effective until 2014, an election year.
The minimum wage proposal which legislators say appears final would also be phased in. State officials say the budget talks include a minimum wage increase to $8 an hour in January, $8.75 a year later and $9 a year after that. The minimum wage is now $7.25.
Silver is still trying to restore $250 million to New York City schools.

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