BOSTON (AP) — House and Senate leaders have unveiled a compromise version of the state budget that trims planned spending by approximately $600 million in the new fiscal year.
The 327-page document was filed with the House clerk on Friday morning, just hours before rank and file members of both chambers were scheduled to take an up or down vote on it.
The fiscal year started on July 1 with a stopgap budget in place.
A House-Senate conference committee announced Thursday night they had agreed on a spending plan after weeks of negotiations. The talks were complicated by slumping tax revenues that put in doubt the assumptions on which the budget was originally based.
The compromise budget of nearly $40 billion projects tax revenues to grow just 1.4 percent, down from the previous 3.9 percent estimate.