UPDATE: Budget deal nearly done, lawmakers say

Saying the "last inch" of a compromise is the hardest, Assembly Speaker Barbara Buckley, D-Las Vegas, predicted lawmakers would finalize a budget and tax package by the end of today or early tomorrow.

"The deadline we have is that, if we don't reach agreement, we have the governor's budget," she said.

"We're down to the final hours if we want to see significant changes to the governor's budget."

The budget itself, she said, has been decided and is being prepared by staff.

Senate Majority Leader Steven Horsford, D-Las Vegas, said earlier the total General Fund spending would come in "just south of $7 billion." That is a significant increase over the governor's recommended $5.7 billion General Fund budget and his $6.2 billion budget when his approved revenue enhancements are added.

Horsford said a bill would be ready today. He scheduled a Senate committee of the whole to review it beginning at 6 p.m. " indicating he intends to take a vote on the tax bill today.

To prepare that bill, lawmakers must agree on how much of the total revenue will come from a sales tax hike and how much will come from raising the Modified Business Tax.

The initial proposal called for a quarter percent hike to the sales tax generating $193.4 million over the biennium. It called for doubling the business tax to 1.25 percent of business payroll, raising an estimated $349.8 million.

Republicans wanted a lower business tax, making up the revenue by raising the sales tax to up to a half percent.

Buckley said she thinks that issue will be resolved fairly easily.

Contact reporter Geoff Dornan at gdornan@nevadaappeal.com or 687-8750.