CHICAGO - Ohio Gov. Ted Strickland yesterday unveiled a $55 billion, two-year budget that is balanced in part by refinancing some debt and nearly depleting the state's $1 billion rainy-day fund.

Facing a possible $7.3 billion deficit through 2011, Strickland crafted a budget that features roughly $200 million in salary cuts, $236 million in new or increased fees and fines, and a number of one-time infusions into the state's general fund totaling roughly $1.5 billion.

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