BOSTON (WWLP) – The House Ways and Means Committee on Beacon Hill debuted its budget proposal for the fiscal year 2023.

The nearly $50 million proposal would increase spending by just over $2 billion over the current budget and is $1.3 billion larger than governor baker’s proposal filed in January.

House Speaker Ron Mariano says the new spending is funded by a record-high amount of taxes collected and by support from the federal government.

The state generated a $5 billion surplus last fiscal year and is already ahead of expected collections by $2 billion this year.