As state legislators work to reach a deal on the state budget, some details about the potential agreement are starting to emerge. Capital Tonight's Nick Reisman has the latest.

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ALBANY, N.Y. -- There's still no deal on 2013-14 state budget, but after two rounds of lengthy closed door meetings between legislative leaders and Governor Andrew Cuomo, some details are starting to leak out.

Sources familiar with the budget negotiations say the state's $7.25 minimum wage will be increased in three phases. An $8 wage takes effect on January 1st, 2014, with an $8.75 minimum wage taking effect the following year. The wage would then be boosted to $9, sometime by the end of 2015. Senate Republicans appear to have won $700 million in tax cuts and credits for businesses and middle income families. Included in that deal is an alteration of an assessment on utilities that Senate GOP lawmakers have pushed for. Discussions on the finer points of the budget are ongoing.

“Nothing is closed. It's obviously out there. We’re moving things along. Focusing on areas where committees and members can come to an agreement,” said Assembly Speaker Sheldon Silver.

“Minimum wage is still being discussed, small business tax credits are still being discussed and I think we're moving in a positive direction,” Senate Co-President Jeff Klein.

Lawmakers expect to have the budget agreed to and voted on by the end of this week. But Cuomo has said he does not expect to issue messages of necessity to waive the three day aging process for bills, meaning an agreement could be reached as early as Tuesday morning to get the budget approved.