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• Mar 12, 2008 1:38 pm US/Eastern
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  Senate Gives Preliminary Approval To Budget

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Senate Gives Preliminary Approval To Budget

The Maryland Senate has given tentative approval to a state budget that includes about $315 million in budget cuts and spending transfers.

The reductions make up for a $333 million drop in revenue estimates reported last week due to a slowdown in individual income tax receipts and sales tax revenue.

The Senate's action would leave a total cash balance of almost $900 million, including money in the state's Rainy Day Fund.

Some of the major cuts include reducing a proposed $50 million fund for the Chesapeake Bay to $25 million and an $18 million cut for stem-cell research.

The budget also would delay implementation of a health care plan to extend insurance to the uninsured.

The Senate is expected to take a final vote on the budget Friday.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)