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Report: Maryland Faces $900 Million in Deficits

Economic & Fiscal Policy, Taxes

by Christopher B. Summers

PRESS RELEASES

NOVEMBER 13, 2014 Bookmark and Share

ROCKVILLE, MD  (November 13, 2014) — The Maryland Public Policy Institute today responded to a state report that Maryland faces nearly $900 million in budget deficits.

“The free spending years of the O’Malley Administration are coming home to roost,” said Christopher B. Summers, president of the Institute. “After a meteoric, 37 percent growth in government the past eight years, policymakers must now rein in a bloated government, encourage entrepreneurship, and return hard-earned money to over-taxed families and small businesses.  Having created these budget deficits, Governor Martin O’Malley should immediately identify cost savings acceptable to the Hogan Transition team and urge the Board of Public Works to approve them before his term ends in January.”  

State legislative analysts reported Wednesday that Maryland’s current fiscal year budget faces a $291 million shortfall while an additional $593 million shortfall is projected for the next fiscal year beginning in July.

 

About the Maryland Public Policy Institute: Founded in 2001, the Maryland Public Policy Institute is a nonpartisan public policy research and education organization that focuses on state policy issues. The Institute’s mission is to formulate and promote public policies at all levels of government based on principles of free enterprise, limited government, and civil society.

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