Mich. gov. to take $1 salary in 'shared sacrifice'

February 17, 2011 13:23 EST

LANSING, Mich. (AP) -- Michigan Gov. Rick Snyder, a millionaire former businessman, says he will accept just a $1 salary this year as part of his call for a "shared sacrifice" among state residents to help erase a massive budget shortfall.

The new Republican governor made the announcement Thursday as he unveiled a $45 billion budget proposal that includes spending cuts for schools, universities and local governments and ending many personal tax breaks. It also cuts hundreds of state jobs and asks public employees for concessions to help deal with a $1.4 billion shortfall.

Snyder would normally be paid $159,300. He was previously a venture capitalist and former president of computer maker Gateway Inc., and spent nearly $6 million of his own money in his race to become governor.

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