WASHINGTON - Maryland Gov. Martin O'Malley yesterday announced more than $345 million in cuts to balance the state's fiscal 2009 budget, joining Virginia, Rhode Island, and many other states forced to continually rein in spending as their tax revenues plummet during the financial crisis confronting the nation.

The state's action comes as new reports from the Center on Budget and Policy Priorities and Moody's Investors Service try to gauge the magnitude of the problem and its ramifications for municipal bond issuers.

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