 Budget negotiations carried over past the deadline, causing the new governor to lament that too many lawmakers were "unwilling to make serious cuts to our budget".On April 10, 2008, a $121.7 billion budget package was passed by both houses of the state legislature.The budget closed a projected $4.6 billion deficit with $1.8 billion of spending cuts, $1.5 billion in additional revenue from increased taxes and fees and $1.3 billion of one time transfers, and did not tap into the state's $1.2 billion of reserves or increase the top income tax rate on those earning $1 million or more.