North Carolina Gov. Beverly Perdue announced a biennial budget plan on Tuesday that would not authorize any new debt issuance in fiscal 2010 as the state seeks to close a $3.4 billion budget shortfall.

The budget proposal cuts spending by $1.3 billion in fiscal 2010 and utilizes $2.9 billion in federal stimulus aid for education and other “mission-critical” services, Perdue said in the budget’s cover letter to state lawmakers.

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