Pennsylvania Gov. Tom Corbett Tuesday released a $27.3 billion spending plan that is $866 million smaller than the current-year budget and includes no new taxes or tax increases.

The Republican governor aims to close a $4.1 billion projected deficit for fiscal 2012 with $2.6 billion of spending cuts after instituting a budget freeze in January to save $364 million. Corbett also revised spending plans producing $353 million in savings and anticipates an increase in estimated revenues for fiscal 2012, which begins July 1.

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