State revenues improved a little last month following a dismal drop of 6.1% in March. The news reassured members of the House Appropriations Committee, who worry that federal sequestration cuts could have a negative impact on both Virginia’s economy and the state's coffers.
President Obama's new budget has of course sparked a battle on Capitol Hill.
We know Republicans aren’t happy with the president’s newly unveiled budget, but neither are some Virginia Democrats.
In his budget the President is embracing a new way to tie Social Security payments to the rate of inflation. It’s called the “Chained CPI” but let’s get past the Washington jargon. What it amounts to is less money in those Social Security checks for future generations of seniors.
The government is now funded through September, but another deadline is hanging over Congress that imperils the economy of Virginia.
The last time Congress wrangled over the debt ceiling the federal government lost its triple A credit rating. Credit rating agencies say Virginia could also lose its pristine credit rating if the federal government gets locked in partisan warfare once again.
That could make borrowing more expensive for cash strapped locales, according to Virginia Democrat Gerry Connolly.
Every five years, Virginia requires cities and counties to update plans for development – how and where they’ll grow.
Many communities assume growth is good – and some even offer tax breaks to attract new industries and businesses, but a new report by Charlottesville economist David Shreve and planning consultant Craig Evans suggests that’s not the case if new companies hire people from elsewhere.