There’s good news from the Governor and the heads of the General Assembly’s money committees. Despite dealing earlier with a significant revenue shortfall, the state is now seeing a $338-million revenue bump from withholding through corporate income tax and insurance premiums.
It amounts to $162 million more over the biennium after a $176 million deposit into the Rainy Day Fund. Governor McAuliffe says it provides a little extra money to spend as the budget is crafted.
President Obama is sending a $4 trillion budget to Congress this morning, and Democrats in the region are glad it calls for lifting budget caps on most federal agencies.
Remember sequestration? It’s those indiscriminate budget cuts that rip through most every federal agency. Many first term lawmakers like Virginia Democratic Senator Tim Kaine say it’s dumb for that deal to tie lawmaker’s hands now.
Governor McAuliffe told the General Assembly’s money committees Wednesday that while they made great strides in closing the state's budget shortfall, much more needs to be done to secure Virginia's future.
He says that's why he will continue to implement nearly $954 million in spending cuts over the biennium and work to advance his vision for the upcoming session.
The Governor’s budget proposals include growth initiatives and protecting transportation funding. He also aims to boost tourism, end veterans homelessness by next year, and achieve other objectives.