ANNAPOLIS, Md. - A panel of Maryland lawmakers is recommending Gov. Martin O'Malley cut the state's ongoing projected budget deficit of $382 million by more than half in the next fiscal year.
The state's Spending Affordability Committee on Thursday also voted to allow the state to increase capital debt limit by $150 million for the next fiscal year.
Maryland is required to have a balanced budget each fiscal year. However, projected spending for future years has exceeded revenues in recent years in what's known as a structural budget deficit.
Democratic supporters of the recommendation note the state will have nearly addressed a $2 billion budget deficit since 2010. Republicans questioned why the panel didn't recommend eliminating the structural deficit. Democrats say that would have presented some difficulties in education funding.
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