ANNAPOLIS, MD — Governor Wes Moore, Senate President Bill Ferguson, House Speaker Adrienne A. Jones, and the Maryland General Assembly’s budget leadership today announced an agreement on the framework for the final FY 2026 budget. The framework eliminates the $3.3 billion structural deficit and creates a positive cash balance—marking an important first step forward in securing Maryland’s long-term fiscal health.
“As dysfunction and chaos unfold in Washington, here in Maryland, we’ve been moving in partnership. Together, we have arrived at a common-sense agreement that meets each of the three goals I established at the start of session—reform the tax code and not on the backs of working families, grow and diversify the economy, and invest in our people,”
said Gov. Moore. “I want to thank our legislative leaders for their collaboration throughout these negotiations. Together, we will continue to protect Marylanders, as we confront crisis with courage.”
The governor was joined by Lieutenant Governor Aruna Miller, Senate President Bill Ferguson, House Speaker Adrienne A. Jones, House Ways and Means Committee Chair Vanessa Atterbeary, House Appropriations Committee Chair Ben Barnes, and Senate Budget and Taxation Committee Chair Guy Guzzone for the announcement.
“Today, we announced a State Budget framework that strikes what I believe is the right balance of fiscal responsibility and protects our core social safety net here in the State of Maryland,”
said Senate President Bill Ferguson. “We must acknowledge the tough choices that come with responsible budgeting, and under this proposal, we are cutting at least $2.3 billion to navigate economic uncertainties. While these cuts are difficult, they are necessary to maintain fiscal stability for Maryland.”
“Today, I proudly joined Governor Moore and Senate President Ferguson to address the most challenging budget I have ever faced in the legislature,”
said House Speaker Adrienne A. Jones. “This budget strikes the right balance between cuts and revenue to resolve our budget deficit, gets us through the term with a healthy cash surplus, and protects our priorities. As Donald Trump and his administration continue to decimate our workforce and wreck our economy, Maryland Democrats will fight back and use every budget tool available to protect our most vulnerable citizens.”
“This budget represents hard choices, choices that are necessary to maintain stability, fairness and to do the right thing. Democrats were able to come together and make the difficult choices required to maintain our healthcare, transportation and schools; choices necessary to align our tax code with our current reality; and choices required as leaders,”
said House Ways and Means Committee Chair Vanessa Atterbeary. “While it was difficult to grapple with making cuts and increasing revenues, I'm glad Democratic leadership could work together to continue to uplift Marylanders while many are losing their jobs, funding for critical services are being slashed, and there is so much uncertainty due to the federal government.”
“At its core, the budget framework announced today is about stability, fairness, and partnership. It ensures that Maryland can continue investing in the future without relying on reckless cuts or short-term gimmicks,”
said House Appropriations Committee Chair Ben Barnes. “At a time of deep uncertainty in Washington, we are taking a responsible, measured approach. This framework is about keeping our economy strong, fair, and responsive to the needs of working families—because unlike the dysfunction in Washington, here in Maryland, we know that responsible governing matters.”
“In Maryland, we protect our most vulnerable—and that’s what this agreement does,”
said Senate Budget and Taxation Committee Chair Guy Guzzone. “This budget framework secures critical supports for our children, our seniors, our students, Marylanders with disabilities, and families living in poverty. At a moment of challenge, as officials in Washington take aim at families that are struggling, my colleagues and I are coming together to move in partnership and stand up for our people.”