Governor McAuliffe and General Assembly leaders have struck a deal to cut the state budget to cover an unexpected $2.4-billion revenue shortfall.
The agreement taps the state’s Rainy Day Fund, while closing a $346-million gap this fiscal year, and $536-million the next. The Governor stressed the bipartisan nature of the accord—flanked by GOP state lawmakers and the Democratic co-chair of the Senate Finance Committee.
The General Assembly had planned to hold a special session to debate Medicaid expansion on Thursday. However, Speaker Howell said lawmakers will also take action on new legislation to reconcile and finalize the biennial budget.
