LANSING — Michigan will spend federal coronavirus relief money, tap its own “rainy day” savings fund and make “modest” cuts to the state government under a budget deal announced Monday by Democratic Gov. Gretchen Whitmer and Republican legislative leaders.

Officials say the plan will plug a $2.2 billion budget hole for the current fiscal year, but it does not resolve what could be an even larger budget gap for the state’s next fiscal year that begins Oct. 1.

The deal will use most of the remaining federal assistance provided through the federal Coronavirus Aid, Relief, and Economic Security Act, better known as the CARES Act, which included $3.1 billion for Michigan.

Source: Gretchen Whitmer, Republicans strike deal to plug $2.2B Michigan budget hole | Bridge Magazine