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State leaders develop budget strategy

Updated:

OKLAHOMA CITY (AP) -- Oklahoma political leaders are staking out their budget positions a day after the state Equalization Board issued its initial certification of revenue for the upcoming fiscal year.

The Oklahoma Legislature will have $314-million in growth revenue for election-year spending in 2006. But much of the new money will be consumed by previous commitments.

Democratic Governor Henry and Republican House Speaker Todd Hiett have already signaled that tax cuts will continue to be an issue. Hiett says lawmakers should give something substantial back to taxpayers.

Lawmakers approved a record $150-million tax-cut plan and $92-million tax rebate program a year ago. Henry has said he plans to continue his long-range program to reduce taxes on retirees.