GOVERNOR MARTIN O’MALLEY HIGHLIGHTS ECONOMIC AGENDA ON OPENING DAY OF 427th LEGISLATIVE SESSION

ANNAPOLIS, MD (January 13, 2010) – In remarks before the 427th Maryland General Assembly today, Governor Martin O’Malley highlighted his economic agenda to create jobs, fuel innovation, and drive economic progress during these tough economic times. The Governor promoted initiatives that include a job creation tax credit, expansion of credit access for small business, and immediate tax relief for Maryland business owners while stabilizing the state’s Unemployment Trust Fund.

“Our task as public servants, as Marylanders, and as Americans is to continue making the choices and connections that will allow our families to get through these tough times even stronger,” said Governor O’Malley. “As you’d all agree, there is no government program that is as important and empowering as a job which allows a family to raise their kids with dignity and respect and a roof over their heads. In these tough times, everything we accomplish together this session must be seen through the lens of whether or not it creates jobs, protects jobs, or improves the environment for creating and protecting jobs.”

Governor O’Malley outlined specific legislative proposals designed to create jobs and drive economic progress, including the Job Creation and Recovery Tax Credit, a $3,000 credit for businesses for every unemployed Marylander that it hires. This initiative, when fully utilized, can account for 6,700 Marylanders coming off the unemployment rolls and back into the workforce. In addition, Governor O’Malley asked the members of the General Assembly to support emergency legislation that will provide immediate unemployment insurance tax relief for small businesses, and a series of reforms to modernize the system and stabilize the Unemployment Insurance Trust Fund.

“We have managed the State responsibly through this historic period, and we will continue to do so,” said Senate President Thomas V. Mike Miller, Jr. “The economic challenges we face are great, and we will meet those challenges with honest leadership and practical solutions for people who are struggling to make ends meet.”

“Maryland has fared better than our sister states during this global recession,” said Speaker Michael E. Busch. “We are focused on putting people back to work, protecting small businesses and continuing to fund our core priorities of education, healthcare and public safety this session.”

Governor O’Malley also noted the era of fiscal responsibility that has been returned to Annapolis once and for all. Rather than increasing spending, for the first time since the Great Depression spending levels are less today than they were four years ago – and state spending has reduced $4.6 billion under Governor O’Malley, including the elimination of 3,300 state positions. Maryland remains one of only seven states that continues to defend a Triple A Bond rating – a measure of fiscal responsibility certified by all three major agencies.

“Every year for the past three years, we’ve submitted and you have passed a budget that is not only balanced, but that comes in within the spending affordability guidelines,” the Governor said. “It was all with the goal and the motive and purpose of maintaining fiscal responsibility so we can make progress on schools, progress on public safety, progress that strengthens and grows our middle class and creates more opportunity for hardworking people in our State.”