Massachusetts Lawmakers OK $34B Budget

Massachusetts lawmakers on Monday approved a $34 billion budget for fiscal 2014 that will go to Gov. Deval Patrick for approval.

The House passed the budget bill by a 123-29 vote and the Senate margin was 36-3. A committee of three members from each branch met over the past few weeks to reconcile the budget each had passed.

The budget includes an extra $21 million hike in unrestricted aid for cities and towns, and $479 million for the University of Massachusetts, negating the need for a tax increase.

Patrick has 10 days to review the spending plan. He can approve or veto the entire budget, veto or reduce specific line items, veto outside sections or submit changes as an amendment to the budget for further consideration by the legislature.

Meanwhile, the commonwealth will operate under a stopgap budget for the fiscal year that began Monday.

Fitch Ratings and Standard & Poor’s rate the commonwealth’s general obligation bonds AA-plus, while Moody’s Investors Service rates them Aa1.

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Massachusetts
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