Oklahoma governor touts plan to close $1.3 bln budget hole

OKLAHOMA CITY (AP) – Gov. Mary Fallin is touting her plan to close a projected $1.3 billion hole in next year’s Oklahoma budget and says she will work with the Legislature over the next six weeks to prevent deep cuts in spending on schools, highways and public safety.

Fallin described her proposals at a press conference Wednesday as "a working draft" for a balanced budget. The Legislature is constitutionally required to adjourn by May 27.

The governor’s proposals include eliminating some existing sales tax exemptions, deductions and credits, issuing about $500 million in bonds to pay for scheduled road and bridge improvements, capping some revenue dedicated to various projects and tapping into some one-time revenue sources