updated 5/10/2010 11:03:47 AM ET 2010-05-10T15:03:47

New Hampshire's House votes this week on a bill to close a budget shortfall through spending cuts, tax hikes and restructuring debt.

Gov. John Lynch presented lawmakers with his plan to close a possible $220 million gap, which the House Finance Committee amended, producing about $182 million toward balancing the budget.

The House plan makes $37 million in spending cuts, lays off 30 workers at the youth reformatory in Manchester, requires state managers to take 12 unpaid furlough days, raises taxes on some tobacco products excluding cigarettes and hand-wrapped cigars, raises the tax on insurance premiums, includes a tax on electricity generation and a tax on estates larger than $2 million.

It also restructures some government debt to save money.

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