Tax cut clash looms as New York begins budget negotiations

New York State Governor Andrew Cuomo delivers his fourth State of the State address from the New York State Capitol in Albany, New YorkBy Edward Krudy ALBANY, New York (Reuters) – New York state lawmakers kicked off what looks set to be an intense two weeks of negotiations over the state’s $140 billion budget on Monday, with clashes looming over tax cuts and education spending. Both the Senate and the Assembly have advanced budgets that propose spending more than Governor Andrew Cuomo, a Democrat up for re-election this year who has committed to cutting taxes by more than $2 billion over the next three years, with $500 million of that slated for 2014-2015. “Each house wants to have a lot more spending than the governor,” said Elizabeth Lynam, a specialist in New York’s state budget at the Citizens Budget Commission, an independent budget watchdog. “The governor is going to have to work hard to keep them reined in.” Senate and Assembly leaders held the first general conference on Monday.

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