Mayor and City Council speaker reach budget accord

Mayor Michael Bloomberg and City Council Speaker Gifford Miller have agreed on a budget that will give homeowners $400 tax rebates.

The mayor called the budget balanced and practical. At least $215 million in cuts to infant mortality programs, public libraries and other services have been restored.

Many details of the $46.9 billion budget were not immediately available. But the budget includes an earned-income tax credit for about 700,000 low-income taxpayers that is worth about $50 million annually. It also provides $10 million for job training for black males, a concession to the City Council speaker.

There are still some outstanding budget issues that rely on funding from the state. If the issues are resolved, the City Council could approve a budget by the end of the week.

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