Negotiators have reached an accord on a bare-bones budget proposal that calls for sharp cuts to most government agencies and programs.

Three days of intense talks ended around 3 a.m. EDT Thursday when legislative leaders exited a conference room with a deal on the two-year, $19 billion spending plan.

House Floor Leader Rocky Adkins said the agreement that calls for 8.4 percent cuts to most government agencies and programs is a reflection of Kentucky's ailing economy.

Even some 200,000 government retirees will feel the financial pinch because lawmakers ended up erasing a proposed 1.5 percent cost-of-living increase from their monthly pension checks.

Negotiations had been underway since Monday.