DALLAS — The Republican chairmen of the Arizona Legislature’s appropriations committees have proposed cutting almost $1 billion from the state’s fiscal 2008 budget of $10.6 billion to cope with steep declines in general fund revenues.

Sen. Bob Burns of Peoria, chairman of the Senate Appropriations Committee, and Rep. Russell Pearce of Mesa, chairman of the House Appropriations Committee, said the revenue shortfall could be resolved with $630 million in reduced agency spending and taking $350 million from the state’s $685 million budget stabilization fund.

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