Wisconsin lawmakers plan to announce a deal this afternoon to fix the current $600 million deficit in the state budget set to expire June 30.

Assembly and Senate leaders, as well as Gov. Jim Doyle, constructed the plan. Final details about the deal will be announced at 1:30 p.m. at the Capitol, according to Doyle spokesperson Carla Vigue.

The proposal will contain a variety of initiatives designed to create jobs, stimulate the economy and provide legislative oversight for federal stimulus money, said Rep. Mark Pocan, D-Madison, co-chair of the Joint Committee on Finance.

Specific measures include the long-publicized tax on hospital revenue, praised by Doyle and Democratic lawmakers as a way to receive more federal money to deal with the budget deficits and give more Medicaid reimbursement money to health care providers.

Another measure would end a tax break allowing companies based in other areas of the country to avoid paying taxes in the state.

“[It’s] a really strong package to work in conjunction with the federal stimulus,” Pocan said. “It will have people ready for the jobs created by the federal government.”

Pocan added the proposal will also help unemployed Wisconsin citizens by providing job training in various areas of the economy, including emerging green industries.

Assembly Majority Leader Tom Nelson, D-Kaukauna, said while he wasn’t directly involved in negotiations for the bill, he is looking forward to working with Assembly members and Doyle to get the proposal passed.

Although legislators will likely try to get the proposal through the Legislature as quickly as possible, they may meet challenges from Republicans lawmakers, who were excluded in the development of the proposal, according to Republican leadership in both the Senate and Assembly.

“We’ve been completely cut out,” said Jim Bender, spokesperson for Assembly Minority Leader Jeff Fitzgerald, R-Horicon. “There were no Republicans in the room.”

Bender added even though Assembly and Senate Democrats have been meeting for weeks to develop the plan, Republicans have not seen any specific details regarding the proposal.

According to Ted Ottman, spokesperson for Senate Minority Leader Scott Fitzgerald, R-Juneau, support for the measure will likely be decided after today’s press conference, when more details will be made available.

While the measure may help solve some of the state’s pressing fiscal concerns, the governor and state legislators will still have to deal with the projected $5.7 billion shortfall for the next budget that will run from July 2009 until July 2011.

Doyle will present that budget proposal to the Legislature Feb. 17.

According to a statement by Nelson, the Assembly will hold a floor session next week to address the proposal.

— The Associated Press contributed to this report.