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Loans Needed to Cover State Spending

October 18th, 2023 by WCBC Radio

The projected deficit in Maryland’s budget is causing ripples throughout the state.  The Capital Debt Affordability Committee is recommending additional loans of over $8 billion in the next five years.  Facing a structural deficit of over $418 million in FY 2025, questions have arisen over what programs the Moore Administration will prioritize or dial back.  State Budget Secretary Helene Grady said the focus would be on deferred maintenance and upgrades to aging state facilities, schools, and economic competitiveness. The budget deficit will exceed $1.8 billion in 2027, mostly due to costs for implementation of the Blueprint for Education.