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Maryland budget shortfall swells after latest revenue estimates

A two-year budget shortfall facing Maryland Gov.-elect Larry Hogan (R) swelled to nearly $1.2 billion on Monday after a state panel revised its forecasts for tax collections to reflect still-sluggish growth in the state’s economy.

The Board of Revenue Estimates projected the state will collect $123 million less in revenue than previously forecast during the remainder of this fiscal year, which ends in June, and $148 million less during the following year.

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