ATLANTA -- After six months of squabbling, North Carolina legislators have finally resolved their differences over the state's 1992 budget, agreeing to a plan that raises taxes and cuts spending in equal measure to solve an anticipated $1.2 billion deficit.

Negotiators from the Senate and the House of Representatives settled on a $7.8 billion budget for fiscal 1992 late Wednesday that calls for about $650 million in tax increases and about $650 million in reduced funding for existing programs, a spokesman for House Speaker Daniel Blue, D-Raleigh, said yesterday.

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