Debt and Budget

Rainy Day Fund

Jun 11, 2014

The state's economists and fiscal experts are urging lawmakers to pass a budget as soon as possible to help mitigate lower revenues by tapping into the state's rainy day fund.

They informed the House Appropriations Committee that if lawmakers don't act soon, the state has much to lose.

Like April, May's revenue forecast is still lower than projected. At this rate, the House Appropriation Committee’s Robert Vaughn says the projected deficit carried into fiscal year 20-15 is hundreds of millions of dollars.

The Virginia Senate has passed its version of the state budget for the next two fiscal years, which begin on July 1st.  

Senators introduced the spending bill proposed by Governor McAuliffe, then added their own touches— including Marketplace Virginia, the private-insurance alternative to Medicaid expansion. But by the end of the day the Senate and the House were no closer to resolving their budget stalemate. 

VA Lawmakers React to President's Budget

Mar 11, 2014

The president’s newly unveiled budget is rekindling a debate at the U-S Capitol over the role of the government in people’s lives.

One reason it's prudent for lawmakers to review the fine print of amendments offered to the Virginia state budget is because it may contain legislation that might not pass both houses on its own. Such is the case with an amendment approved by the House and attached to its version of the state budget. It directs the executive branch on how to proceed in controversial cases, such as the lawsuit challenging Virginia's same-sex marriage ban.

It was budget day at the State Capitol.  The House and Senate mull over and pass their respective budget proposals, which are then sent to the opposite chambers. That's typically when the lines in the sand are drawn.  Although each version makes significant changes in former Governor McDonnell's 96-billion dollar draft, the lines were drawn well before today over one issue—Medicaid expansion.