Oct 19, 2008 2:57 pm US/Eastern
Slots No Longer Enough To Solve Md. Budget Mess
ANNAPOLIS, Md. (AP) ―
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New fiscal estimates show that revenue from slot machines would no longer be enough to solve Maryland's long-term budget problems.
New fiscal estimates show that revenue from slot machines would no longer be enough to solve Maryland's long-term budget problems.
The culprit is the sagging economy, which has cut into Maryland's tax revenues.
Voters will decide in a referendum next month whether to legalize slots. When lawmakers voted to send the referendum to voters, state officials estimated that slots would bring in $600 million per year. They hoped that would be enough to keep Maryland's budget balanced for the foreseeable future.
But the Department of Legislative Services says the structural budget deficit has returned, to the tune of $800 million a year for at least five more years, even if voters approve slots.
(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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