WOODBURY - A new plan aims to slash Nassau's deficit by hundreds of millions of dollars. Nassau County Executive Ed Mangano is proposing a debt reduction and stabilization plan that includes handing two county sewage treatment plants over to a private New Jersey company. Mangano says the move would save taxpayers $750 million and reduce county debt by one quarter. United Water Company of New Jersey and a finance company to be announced later would upgrade the aging Bay Park and Cedar Creek waste treatment plants. Democrats, like Legislator Wayne Wink, say the move is a short-term fix for Nassau's $3 billion budget deficit. Mangano promises no water or sewer rate hikes for three years, leading some residents to support the plan. There will be three public hearings on the plan, which also requires approval from the Nassau County Interim Finance Authority (NIFA) and the Nassau County Legislature.