Budget deal done with $2.8b plan. Session to end Weds

The House and Senate agreed this morning on the how to raid trust funds and savings accounts to close the state's $2.4 billion budget deficit, sparing the State Transportation Trust Fund and shielding housing trust fund money from the deepest cuts.

That means the budget will be printed today, laid on members desks and be ready for final approval Wednesday.

The agreement appears to leave a $400m $200m cushion* in the budget in case the economy and state tax collections continue to nosedive. At a glance, here's what the $2.8b agreement looks like:

*$1.2b in total spending cuts, plus the following raids, sweeps and trims:

* $400m from the Budget Stabilization Fund

* 700m from the Lawton Chiles Endowment Fund

$190m from the Housing Trust Fund

$381m from other trust funds (we'll find out which ones later)

$1.5m cut from the governor's office (insted of just $1m)

$100,000 by getting rid of a state aircraft.

*A quick methodology note: There are two ways to figure the cut in spending: As general revenue and as total spending. The total spending cut is $1.2b. This number (includes federal and other trust money, etc) and transforms the nearly $66.3b budget into a nearly $65b budget. The GR cut is $978m. But since the deficit is in the GR budget, the technical deficit plug is $2.6b. Assuming the deficit is $2.4b (up $100m since the session was called), the savings amount is $200m.