Maryland's revenue projections plummet

The Baltimore Sun reports:

State revenues are estimated to drop more than $330 million below previous estimates, setting the stage for another round of difficult budget cuts in the General Assembly amid warning signs of a weakening economy, state officials said today.

Given that lawmakers raised taxes by $1.3 billion in November's special legislative session just a few months ago, there is virtually no chance the General Assembly will raise taxes to make up the difference between spending plans and the revenues from plummeting tax collections.

Instead, the legislature will have to cut hundreds of millions from Gov. Martin O'Malley's budget in order to balance the budget as required by the Maryland constitution. At risk is funding for the Inter-County Connector, efforts to clean up the Chesapeake Bay, new health care programs, replacement of medevac helicopters and more, and the numbers may signal the death knell for opposition to the tech tax, a $200 million levy that lawmakers say they may have a hard time finding a way to replace.