Debate is expected to begin in Albany today on the $132 billion state budget hammered out over the weekend.

Bills have been delivered to lawmakers’ desks.

But, while the spending plan is due by Wednesday, approval is far from a sure thing given the Democrats’ slim majority in the New York State Senate.

Governor David Paterson and legislative leaders worked out a budget that hikes spending by $10.5 billion, or nearly 9 percent, though the bulk of that is $7 billion in federal stimulus money.

Although the governor had called tax hikes a last resort, the wealthy would pay more under the plan.

Single people making $250,000 and couples making $300,000 will see their tax rate go up one percentage point to nearly eight percent. Those making $500,000 or more will see their taxes increase to nearly nine percent.

The hikes are expected to bring in about $4 billion and are scheduled to sunset in three years.

The plan also includes higher fees on utility bills, vehicle registration, for-profit HMOs and cigars.

It also keeps school spending flat, slashes health care spending, closes three prisons, and tacks a nickel deposit onto bottled water.

State Republicans slammed the budget and the way it was put together.

“This budget, besides being secretive, is probably the worst I’d ever seen,” said State Senate Minority Leader Dean Skelos. “And if they used stimulus properly, we could have avoided all tax increases.”

The governor issued a statement that says, “The agreement we are announcing…closes the largest deficit in state history, stabilizes our finances, and institutes critical reforms that will help eliminate waste and inefficiency in our government.”

Source: NY1