Panel approves Md. budget with cuts, tax hike

ANNAPOLIS, Md. (AP) - A panel of Maryland lawmakers has reached agreement on a package of budget measures that include an income tax increase on people who make more than $100,000.

The panel only managed to reach an accord on Monday night with less than four hours left on the session.

By doing so, budget negotiators avoided hundreds of millions of budget cuts that would have gone in place of the revenues.

Under the plan, the state would raise roughly $250 million in revenue from the income tax increases.

The panel also agreed on a separate bill to share costs from teacher pensions with the state's counties.

Lawmakers are cutting it very close this year. The package of budget measures still needs to be approved by the General Assembly before midnight.