Gov. Jim Gibbons Wednesday announced an agreement with a bipartisan panel of legislative leaders on additional spending cuts to balance Nevada’s biennial budget for fiscal 2007-2009.

The Republican governor and the lawmakers said they have agreed to adjust spending by about $349 million by delaying capital improvement projects, spending from several reserve funds, and changing several spending programs. These reductions avoid any cuts to the operating budgets of any state agency and result in no layoffs for state employees.

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