While Virginians wait for the dust to settle and lawmakers breathe a sigh of relief that the transportation funding battle is over, the nonprofit Commonwealth Institute for Fiscal Analysis has combed through the rubble to examine its effects.
In the last 20 years, Virginia’s manufacturing sector has declined by 46%.
Given the fierce competition worldwide to attract businesses, state lawmakers are examining whether it makes sense to restructure the Commonwealth’s state and local tax system to remove financial hurdles to doing business here.
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.