ANNAPOLIS, Md. (7News) — 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 has included higher income tax rates for taxpayers who make more than $500,000 in his budget plan, as well as about $2 billion in budget cuts to address a $3 billion deficit.

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.

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.

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.

Governor Wes Moore says two-thirds of the people of Maryland, or 82%, will be getting a tax cut soon. Moore joins “CUOMO” to discuss his balanced Maryland budget and says “this is the moment when Maryland can actually grow economically” while helping working families.