State lawmakers are celebrating the passage of Governor Cuomo's $132.5 billion spending plan that will cut spending statewide by two percent. Erin Billups has more on the state's first on-time budget in five years.

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ALBANY, N.Y. -- It was a marathon day at the State Capitol as lawmakers pushed to pass an early budget. And at the same time, hundreds of protesters continued their fight to get one last word in before billions in proposed cuts became law.

The Senate completed passage of the budget bills with minutes to spare before midnight laying claim of bragging rights of an early budget.

"We all felt that it would just be good for all of us to show that Albany is functioning well," said Senate Majority Leader Dean Skelos.

The Assembly though, passed their final budget bills shortly after one in the morning, less than a day before the next fiscal year starts in Albany.

"It was an early budget no matter how you look at it," said Assembly Speaker Sheldon Silver.

Either way in the Albany-world of perpetually late budgets, an on-time one is a rare feat. The speaker pointed to the new governor's leadership.

"The energy of the members, the determination of the members, the ability to represent their constituents was molded by a strong leader, in the governor's office," said Silver.

While many lawmakers congratulated each other on the success of the process, others questioned whether quality was sacrificed for timeliness.

"I am disturbed that we're moving forward to getting an on time budget, and I respect the importance of that, by cutting billions of dollars without asking the questions," said Senator Liz Krueger.

Questions have been raised as to whether the distribution of school aid cuts and restorations are fair. Republicans say they are because they're based on a formula.

"I think it was equitably done," Skelos said.

The speaker says it's time now for districts to tap into their reserve funds.

"It's raining in New York. It's been raining now for two years. Whatever you have put aside now is the time to use it," Silver said.

See the breakdown of education funding by school district>>