New York Gov. David ­Paterson proposed an all-funds $134 billion fiscal 2011 budget yesterday that keeps spending growth below 1%. The proposed budget would close a $7.4 billion deficit primarily through a series of cuts, but also through tax and fee increases.

Most of the budget-closing actions — 92% — are on recurring spending and revenue enhancements. All-funds spending would increase by 0.6% over the current year and state operating spending would increase by $745 million to $79.9 billion, a 0.9% increase.

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