Md. Senate Passes $38.7B Budget

ANNAPOLIS, Md. (AP) -- The Maryland General Assembly has given final approval to the state's $38.7 billion budget.

The Senate and House voted Saturday to agree to some fine-tuning that was done by a panel of House and Senate lawmakers. They worked out some differences in the budget between the two chambers.

Maryland lawmakers avoided deep cuts this year after a drop in estimated revenues, largely by tapping $200 million originally set aside to strengthen the finances of the state's pension system.

In 2011, lawmakers agreed to pay $300 million above its required annual pension payment to shore up unfunded liabilities in the pension system. Lawmakers plan to gradually restore the full $300 million over several years.

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