Since that time, the O'Malley-Brown Administration has used the challenge of these times to make our government more efficient, and more effective. We have cut spending by $9.1 billion dollars. Today, we now have the smallest executive branch since 1973--and the budget I presented to you last week puts us on a track to totally eliminate that structural deficit without the need for any new fees or taxes.
We remain one of only seven states that has maintained a triple-A bond rating all through the recession, and to this day. We have built up our Rainy Day Fund to $800 million dollars, and we have placed this year in our general reserve an operating surplus of $37 million dollars.
Lt. Gov. Steele and Gov. Ehrlich reversed the $4 billion deficit they inherited when they took office and created $2.4 billion in budget surpluses. Pro-growth policies at the state and federal level are encouraging low unemployment rates and fostering a climate for continued job growth.
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