The Democratic governor said the $23 billion budget agreement "doesn't come close" to what he envisioned, and criticized what he called "dishonest budget gimmicks" during a Monday morning news conference at the Governor's Mansion.
The two-year deal gives raises to teachers, state employees and retirees next year, but puts off income tax breaks until 2019.
"By rejecting our fourth consecutive teacher pay raise - this time totaling 10 percent on average - a major middle-class tax cut and much-needed Hurricane Matthew relief, Gov. Cooper has broken some of his biggest promises to the voters, and they will hold him accountable. We will too, by quickly overriding his veto," a joint statement by House Speaker Tim Moore (R-Cleveland) and Senate Leader Phil Berger (R-Rockingham) read.
Republicans say tax cuts would put more money in people's pockets. The budget includes reducing the personal income tax rate from almost 5.5 percent to 5.25 percent. And the corporate income tax rate would lower from 3 percent to 2.5 percent.
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Last week, Senate and House leaders unveiled details of the spending plan and urged Cooper to sign the measure, but the governor's office quickly signaled that a veto was on the horizon, with the governor calling the budget "fiscally irresponsible."
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However, Republicans could get the support needed to override the veto.