Gov.-elect Martin O?Malley said he has no plans for new taxes in the coming year, but key legislators he met with on Monday said higher taxes or new taxes have to be looked at for the following years.

“We are spending at a much quicker rate than we can afford,” O?Malley told reporters before a three-hour session with top Democrats in the Legislature. “I?m hoping to be able to submit a balanced budget without any new revenue sources.”