O'Malley to release budget today for fiscal year 2014

Gov. Martin O'Malley is scheduled to discuss his plans for Maryland's budget.

 

The governor's office is releasing the budget for fiscal year 2014 on Wednesday. Lawmakers will work on the budget proposal for most of the session, which began last week. 

 

Maryland has made budget cuts and increased taxes to help put the state on better financial footing in recent years. The state is getting close to eliminating an ongoing deficit that had been as high as $2 billion.

 

However, the state is still waiting to see what happens in Washington, as Congress wrestles with deep spending cuts in coming weeks. Federal budget cuts can have a big impact on Maryland, due to the state's proximity to the nation's capital.