PROVIDENCE –– There is little doubt the General Assembly will approve a $7.76-billion spending plan for fiscal 2010 that fills state government’s largest budget hole in recent memory with hundreds of millions of federal stimulus dollars, a 2-cent-per-gallon gasoline tax increase, and steep cuts to beleaguered state departments and cities and towns.

But it’s unclear when the final vote will take place. It appeared unlikely before Friday.

The House of Representatives did its part in the early hours of Thursday, voting 69 to 5 to approve the new state budget following a 12-hour debate that ended shortly before 2 a.m.

But late Thursday night, as the Assembly raced to push through dozens of new laws before adjourning for the summer, the final Senate vote was delayed by sparring legislative leaders, who offered no public explanation for what was largely expected to be a token vote. A Senate committee endorsed the broad plan earlier in the day after just eight minutes of discussion.

“Our feeling was that the pain should be borne fairly and evenhandedly,” Senate Finance Committee Chairman Daniel DaPonte said before the committee vote. “We feel this budget does that.”

But the Senate vote, which had been expected in the late afternoon, had not taken place by 10 p.m. Most senators disappeared for most of the evening, although a buffet including barbecue ribs, baked beans and corn on the cob had been set up outside the third-floor offices of Senate leaders.

“I would guess they’re in some sort of negotiations,” said Sen. David E. Bates, R-Barrington, who was among a handful of rank-and-file lawmakers waiting for hours in the nearly empty Senate chamber.

But most agreed it was simply a matter of time before the Senate approved the budget, which controls all taxes and state spending for the fiscal year that begins Wednesday.

“I’m sure the Senate will vote the budget out in a timely matter,” said House Finance Committee Chairman Steven M. Costantino, who was locked in a separate debate in the House chamber last night.

Meanwhile, the clock is ticking.

State officials warned Thursday that an estimated $47 million in pension savings expected for the current year could be lost if the political posturing isn’t over within five days, the end of the fiscal year.

The budget must become law before July 1 or “the savings for ’09 would be in substantial jeopardy,” said Mark Dingley, chief of staff for state General Treasurer Frank Caprio, after speaking to the state actuaries yesterday afternoon.

Governor Carcieri refused to say whether he would veto the tax-and-spending plan –– which boosts overall spending by nearly $900 million, or nearly 13 percent, over the current-year budget. The measure includes broad pension changes, new money for charter schools and a partial restoration of the state Economic Development Corporation’s operating budget.

“Those are all positives,” Carcieri said in an afternoon interview. “…On the other hand, they raised some taxes which I’m not supportive of –– the capital gains tax and the gas tax.”

Carcieri’s veto threat is largely symbolic. The Democrat-dominated legislature can easily override a veto from the Republican governor.

The reaction across Smith Hill was largely muted yesterday after the House vote. Interest groups had generally braced for the worst in recent days, knowing that lawmakers were charged with closing a $590-million budget hole, a massive gap equal to almost 20 percent of state-only spending.

States across the country, faced with similar shortfalls, have turned to various unpopular proposals to balance their budgets.

California is considering closing more than 200 state parks. Maine is adding taxes on candy and ski tickets. Kentucky is among several states taxing alcohol. And Massachusetts lawmakers have voted to boost the sales tax.

Rhode Islanders will see no income or sales taxes increases in the coming year. The Assembly is set to reject new proposed taxes on alcohol and preserve a tax break for high earners known as the flat-tax alternative, despite heavy pressure from organized labor.

Lawmakers are poised, however, to repeal a tax break for those who profit from the sale of stocks, bonds and other such investments, generating an estimated $23.6 million for the state by treating all capital gains as ordinary income, according to House fiscal office projections.

Governor Carcieri has five days to veto the budget. But it could also become law without his signature.

In several interviews throughout Thursday, Carcieri’s comments about the budget were generally positive. He specifically applauded the Assembly’s work on pension reform and its decision to hold firm on the flat tax. “They restored EDC and the charter school and the health insurance commissioner, things we needed back in there…”

Several hours earlier, House Minority Leader Robert A. Watson challenged, Carcieri, a fellow Republican, to veto the bill.

“I will vote against this budget and I implore the governor to veto it,” Watson said. “To sign this budget would be a political mistake. To let this budget become law without his signature would represent a failure of political leadership and an abdication of the philosophies and principles that got you elected.”

The governor dismissed Watson’s comments, saying his primary responsibility is to do what’s right for the state.

cneedham@projo.com