By Barry Rascovar | Maryland Reporter
The $77 million in budget cuts approved last week by the Maryland Board of Public Works mark the first recognition there’s a price to be paid for placing election-year politics ahead of fiscal realities. It won’t be the last spending pullback, either.
Maryland has a serious, ongoing imbalance between its high spending habits and its lower than expected revenue receipts. Everyone knew this was coming.
Yet early this year Gov. Martin O’Malley, with the support of Democratic legislators, introduced a budget for the current fiscal year that was wildly out of sync with prevailing economic conditions.Much of it is a result of the severe cold weather over the past winter, which devastated sectors of the economy, drove up heating and electric costs and put a severe crimp in job creation.
at Maryland Reporter.