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Lawmakers announce agreement on $87 billion budget

SCOTT KEELER | Times Florida House Speaker Richard Corcoran, R- Land O' Lakes and Florida Senate President Joe Negron, R- Stuart, talk during a joint session of the Florida Legislature, Tuesday, 3/7/17 in Tallahassee.

Florida lawmakers have reached an agreement on an $87 billion budget, leaders for the House and Senate said this afternoon.

They settled one of the biggest hangups - how to reimburse the state's 200-plus hospitals for Medicaid. The Senate wanted to change the formula, which would hurt some public hospitals.

They agreed to go with the House plan, which will keep the current hospital funding.

In exchange, House leaders agreed to millions more in Medicaid funding for nursing homes, as the Senate wanted.

Legislators barely missed their Tuesday deadline for settling a budget, promising that the session will be extended into Saturday.

It's the second straight year that the Legislature needed extra time to pass a budget, its only constitutional responsibility every session.

Herald/Times staff writer Elizabeth Koh contributed to this report.