New revenues, old problems

Comptroller Peter Franchot reported, and Gov. Martin O'Malley gloated, that Maryland closed out fiscal 2011 with an even bigger cash cushion than Virginia did, despite the efforts of that state's GOP recently to make an unflattering comparison in the other direction. But we shouldn't get too cocky. The extra funds the state had on the books at the end of June were mostly from better than expected income taxes, and given the weakness of the job market, we shouldn't count on that continuing.
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