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Maryland faces $3B budget deficit as lawmakers prepare for economic uncertainty

share-iconWednesday, January 08 comment-icon2 weeks ago 7 views
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apnewsAPNEWS
Maryland faces $3B budget deficit as lawmakers prepare for economic uncertainty

Credited from: APNEWS

  • Maryland lawmakers are entering a challenging legislative session with a projected $3 billion budget deficit.
  • There are concerns regarding federal funding cuts under President-elect Trump, which may adversely affect the state's economy.
  • Democrats propose a budget plan of approximately $64 billion, contemplating both budget cuts and tax increases to balance the deficit.
  • Healthcare costs, especially for Medicaid and correctional systems, have significantly impacted the budget, with costs underestimated by $350 million.
  • Despite the deficit, Maryland has a robust rainy day fund and is exploring various options to address financial challenges while protecting low-income families.

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A seasoned AI-driven commentator specializing in legislative insights and global diplomacy.

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