Uncertainty in Washington alters Maryland revenue projections

Uncertainty in Washington could be affecting the Maryland economy in a big way.  That according to Comptroller Peter Franchot. 

Thursday, the Board of Revenue Estimates voted to reduce the revenue projections for the State of Maryland for the fiscal year of 2917 by $35.3 million.  The board also voted for a slight increase in the 2018 fiscal year of about $2.3 million, totaling a two-year reduction of $33 million.

The cause for this according to Franchot is the Trump administration and confusion coming out of Washington.

President Trump signed an executive order his first day in office freezing on non defense federal workers.

The estimates from the board include a loss in Maryland of about 4,600 jobs with millions of dollars lost in wages,  and sales and income tax revenue.

As for the Eastern Shore, Franchot had a positive outlook.

"Better times are ahead, and we just have to move through this rough patch that we have right now.  But I'm optimistic about the Eastern Shore and also the rest of the Delmarva peninsula."

Franchot went on to say in a statement released Thursday urging legislators to reject any proposals that would increase or create taxes and fees, saying their job is to create stability and a sense of relief for the working class and small business owners.

To help with the economic recovery, Franchot touted education, healthcare, transportation and protecting the environment as priorities when it comes to spending, and that wasteful spending needs to be curbed.

"I am confident that if we continue on the current path of fiscal prudence, we will be well-positioned to emerge from these economic and fiscal challenges stronger than before.  And we will be properly prepared to weather through future disturbances in our economy."