New York Close to Budget Deal that Increases Minimum Wage

Vote could take place over weekend

New York state's leaders have agreed a tentative $135 billion budget deal for fiscal year 2013-2014 that raises the minimum wage, gives tax breaks to middle-class families and businesses, and extends a tax on high earners.

The deal was announced in Albany, the state capital, after days of closed-door wrangling as lawmakers sought to reconcile three separate proposals.

The agreement paves the way for a vote by the legislature this weekend, setting this year's budget on course to be the third in a row to be passed on time. The budget could be the earliest since 1976.