Sanford's plan, which is more than 300 pages long, calls for changes in the Medicaid system and more cooperation between agencies to balance the state's budget.
The document had been expected for weeks, but the size of it surprised lawmakers who use the executive budget as little more than a starting point for writing their own spending plans.
This is "the first time since I've been here we've gotten a budget (from the governor) that was balanced and could be used to run the state," said House Ways and Means Chairman Bobby Harrell, R-Charleston.
Sanford and his staff spent months on the plan, including budget hearings with state agencies this summer.
"I applaud the governor for what I know was a tremendous amount of time and effort," said Senate Finance Chairman Hugh Leatherman, R-Florence.
This was first budget proposal for the Republican governor who took office last January.