Do the Math
Despite the tax increases and spending cuts approved in last month’s special legislative session, legislative analysts see another possible budget shortfall looming by fiscal year 2010.
The projected deficit is $237 million. It is projected to grow by another $26 million the following year.
And on top of the historically massive tax increases, O’Malley and the General Assembly added $500 million in new spending.
So…is it safe to say that Governor O’Malley has officially spent us into a deficit, or should we wait for Administration and General Assembly inaction to set in before we make the proclamation?