The deal reportedly also calls for $16 billion in spending cuts and $11 billion in borrowing.
Under the proposal, education cuts would reduce funding for dozens of programs, such as summer school and gifted students.
State workers would lose two paid holidays and still face the two day a month unpaid furloughs through 2010.
Given all those tax increases, the big question is whether Republicans will be onboard.
Three lawmakers in each house have to cross over to meet the two-thirds vote requirement, and GOP members are under pressure from their constituents to vote "no" unless permanent state spending restraints are included.
An Assembly vote is scheduled for Friday.
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