WASHINGTON -- House and Senate conferees yesterday approved a $660 million federal payment to the District of Columbia and agreed to require cuts of $140 million in the district's operating budget for fiscal 1995.

The federal payment is $8 million less than the House-approved amount and $12 million more than the appropriation passed last month by the Senate. The House originally sought $150 million in cuts, while the Senate had called for $75 million in cuts from the proposed $3.4 billion budget.

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