ALBANY -- Gov. Andrew Cuomo and legislative leaders say they have an agreement on a state budget that would include raising the minimum wage to $9 an hour over three years.
The closed-door agreement announced Wednesday puts Albany on track to pass the third straight on-time budget.
New York's tentative budget includes provisions that would affect the working poor, middle-class families, millionaires, employers, and veterans looking for jobs.
The deal still needs to be approved by the full Senate and the Assembly.
New York State leaders have reached a budget agreement which could soon be passed, according to Governor Andrew Cuomo. He says it could become the earliest they have passed a budget since 1976.
The plan includes a $9 minimum wage, which small businesses say would cause job layoffs at a time the state has one of the highest unemployment rates. The budget deal counters the criticism with a relief fund totaling $800 million and hiring tax credits totaling $181 million. The current minimum wage is $7.25 an hour.
These economic proposals come as New York State is dealing with one of the highest unemployment rates in the country. The state unemployment rate is ranked 13th highest in the country at 8.4% as of January.
New York also has one of the third highest tax burden and the highest tax burden as a percentage of income in the nation, according to a new Tax Foundation report. The same report ranked the state #1 for worst business climate.
Increased funding for education is a large part of the budget, with $1 billion dollars for education aid and $25 million for pre-kindergarten. There will be a reward for high performing teachers which has been a major part in Republican proposals.
Spending is expected to increase 2%, closing the state budget deficit.
Now, the Senate and Assembly must print and pass the bills by next week to beat the April 1 deadline.
Cuomo says he wants to avoid issuing orders to suspend the three days' public review of bills required under the constitution.
(Information from the Associated Press was used in this report.)
