McDonnell to unveil $191 million in budget cuts and savings this week
Gov. Bob McDonnell (R) said Wednesday that he will slightly revise the state's revenue forecast upward and announce that he estimates that Virginia will collect more tax revenue next year when he addresses the General Assembly's money committees Friday.
But, he said, he will still need to find $191 million in cuts and savings. On Wednesday, he announced the first $35 million.
McDonnell and Lt. Gov. Bill Bolling (R), the state's chief job creation officer, also announced that they are asking legislators for $54 million for economic development programs, including $25 million for a research and technology innovation fund and money for small businesses, tourism, the film industry and tax credits.
To find out how the McDonnell administration spent the $58 million economic development package it received in spring, read our story here.
"For the past year I have been focused on creating a 'Commonwealth of Opportunity' for Virginians, and there is no greater opportunity than that of a good paying and rewarding job,'' McDonnell said.
McDonnell will announce a complete list of all his amendments to the two-year budget Friday. That announcement will include cuts to help offset additional spending that he has proposed, including $54 million for economic development, $50 million for higher education and $150 million for transportation.
| December 15, 2010; 6:39 PM ET
Categories: Anita Kumar, Bill Bolling, Robert F. McDonnell, William Howell
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