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Franchot: Coronavirus Stimulus Aid Critical for MD Local and State Governments

October 19th, 2020 by WCBC Radio

AAA Headlines 10/19/20

Comptroller Peter Franchot says the funds in the $1 trillion coronavirus stimulus package that Congress is considering are “very critical” for Maryland’s state and local governments- and the state could be in some serious fiscal jeopardy without those dollars.  Speaking during the Board of Public Works meeting, Franchot said that without a federal relief plan for the states there will be grave consequences for Maryland.  He added that even though the state has significant liquidity and reserves for the time being — that’s going to run out relatively quickly if there’s no additional support from the federal government. Months of negotiations between the White House and House and Senate leaders have thus far failed to produce any significant results in terms of moving the legislation forward- and last week the issue became even more muddled as President Trump sent out mixed messages about where he stands…