Agreement Reached On State Budget

Thursday, June 15th 2006, 3:43 pm

By: News On 6

OKLAHOMA CITY (AP) _ Legislative leaders reach agreement today on a state budget that includes phased-in reductions in the state income and estate taxes, phased-in increases in the standard deduction, a state employee pay raise and spending increases for colleges and universities.

In separate news conferences, Republican House Speaker Todd Hiett and Democrat Senate President Pro Tem Mike Morgan announced the agreement.

It came almost three weeks after the Legislature adjourned without a state budget and barely two weeks before state agencies will run out of money and be forced to shut down.

Lawmakers are scheduled to return to the Capitol on Wednesday to pass dozens of appropriations bills to fund state agencies for the fiscal year that begins July 1st. Governor Brad Henry called a special session in May to finish the budget.