A fiscal oversight board Friday granted Philadelphia additional time to receive legislative approval for initiatives that would help the city balance its fiscal 2010 budget and avoid massive layoffs and service ­reductions.

At the same time, state legislators announced a bipartisan agreement that, if passed, would end Pennsylvania’s 10-week fiscal 2010 budget stalemate. However, though there is a strong possibility that Gov. Edward Rendell could veto the plan, since he believes it would generate budget deficits, according to Rendell spokesman Gary Tuma.

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