Albany, NY (WIBX) - It looks like New York state will have an on-time budget this year.

Governor Cuomo, Assembly Speaker Sheldon Silver and Senate Majority Leader Dean Skelos have come to an agreement on a framework budget.

The $132 million spending plan is a two-percent reduction from last year.

It restores $272 million in education funding the governor has originally cut.

The budget eliminates a $10 billion deficit without increasing taxes or borrowing and no new millionaire's tax.

Some state prisons will be closed, while a plan to cap medical malpractice awards was scrapped.

A final budget will have to be passed before the end of the week.