Tag: deficit

Legislators order cut in structural deficit

by | December 22, 2010 | , , | 3 |

Legislative leaders took a new approach to setting budget targets Tuesday, telling the governor and lawmakers that they wanted to see the persistent $2 billion structural deficit cut by a third next year, meaning a $670 million real reduction in general fund spending.

The Spending Affordability Committee, made up of 21 fiscal leaders in the General Assembly, abandoned setting a percentage target for budget growth as they had for the last 28 years — a target sometimes disregarded by governors.

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Tax increases are possible cure for next year’s deficit, legislative leaders say

by | November 1, 2010 | , , | 0 |

A range of tax increases and budget cuts are on the table next year as Maryland legislators struggle to get a handle on a $1.7 billion structural deficit, Democratic legislative leaders told a business conference Friday.

Taxes on alcohol, gasoline, corporate income and sales face possible increases during the 2011 General Assembly.

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