Gov. Tim Pawlenty will unveil his plan to erase a $2.7 billion deficit today.

Schools, local governments, hospitals and colleges are bracing for cuts or delayed state payments.

The Republican governor is using an executive power called “unallotment” to balance the budget on his own after the legislative session ended without a budget deal. He and Democrats who control the Legislature couldn’t agree on taxes or a borrowing plan.

Pawlenty is announcing the cuts two weeks after he ruled out running for a third term in 2010.

The next two-year state budget begins on July 1.