Maryland Governor Wes Moore released details of his $67.3 billion budget on Wednesday. It relies on $2 billion in cuts to state Government as well as nearly $1 billion in tax increases to close a nearly $3 billion budget deficit.

Maryland Gov. Wes Moore released a budget plan Wednesday that includes higher income tax rates for taxpayers who make more than $500,000, as well as about $2 billion in spending reductions throughout state government to address a $3 billion deficit.

Gov. Wes Moore (D) said Tuesday he will avoid tax increases and massive budget cuts and instead focus on growing the state's economy to solve the worst budget problem in more than two decades.

Maryland's 90-day legislative session opened Wednesday with the governor calling for $2 billion in cuts to balance the state budget amid a shortfall of almost $3 billion. Concern over the projected budget gap is setting an underlying tone of concern this session.

Moore has said the state will face difficult choices in handling its worst financial crisis in 20 years, leading to shortfalls that could reach nearly $6 billion by 2030.

Maryland is facing a budget crisis and Gov. Wes Moore has said the state is going to have to slash spending and increase revenue to fix it.

Governor Wes Moore promised his budget will have $2 billion in cuts, while the General Assembly will work to close the remaining $1 billion of the deficit.