Cuomo presents state budget with no tax hike

Gov. Andrew Cuomo delivered his second state budget today in Albany, outlining a $132 billion budget that includes reforms in education and pensions to close the expected $2 billion budget deficit without new taxes.

The governor said that under the budget, the "millionaire's tax" revenue and about $1 billion in cuts through the government will close the expected deficit.

He also said creating a new system for determining education aid would be based upon new, tougher teacher and principal evaluations that would be partly tied to student performance.

Cuomo also called for the creation of a new, lower-cost pension tier for new hires that he said could save the state and local governments billions over 30 years.

AP wire services contributed to this report.

For Gov. Cuomo's complete budget address, go to channel 612 on your digital cable box and select iO Extra.

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