O’Malley’s Parting Gift: $1.2B Budget Shortfall, “Sluggish” Economy
Maryland Governor Martin O’Malley is leaving office next month after two terms. In his wake, the Washington Post is reporting he’s leaving behind a fiscal nightmare. The state has a budget shortfall of nearly $1.2 billion.
The Board of Revenue Estimates projected the state will collect $123 million less in revenue than previously forecast during the remainder of this fiscal year, which ends in June, and $148 million less during the following year.
The write-downs widen what were already projected gaps of nearly $300 million this year and $600 million next year in Maryland’s roughly $16 billion general fund budget.
The Post called Maryland’s economic recovery “still-sluggish,” and thanks to O’Malley’s mismanagement, the difference will have to be made up by Maryland’s hardworking businesses and families.