N.Y. Budget Agreement Reached

Three “deadlines” and 63 days late, New York’s legislative leaders announced Sunday night that they have reached an agreement on a 1991-92 budget. However, Gov. Mario M. Cuomo indicated he might veto parts of it.

At least one key element in the $52-billion package was still unfinished, but the legislative leaders said their houses will approve the final two budget bills today.

Cuomo had said that the state’s credit would be in jeopardy if no budget were adopted by Sunday night.

The major mechanism for providing additional revenue to help close New York’s $6.5-billion budget gap is a tax on fuels--except home heating oil--that is expected to add 5 to 6 cents a gallon to retail gasoline prices and perhaps a dime a gallon to liquefied natural gas.