Earlier today Governor McDonnell announced that Virginia has gone from a $1.8 billion budget deficit in January to a $220 million surplus for Fiscal Year 2010. This was achieved during this year’s General Assembly session. While the Governor was leading on balancing that budget, he was also working with members of both parties to close an unprecedented $4.2 billion shortfall in the budget for the next two years, once again without raising taxes.
This Friday, it will be six months since Bob McDonnell took office as the 71st Governor of the Commonwealth of Virginia. With that in mind, we thought we would look back at the first half-year in office “by the numbers.”
I thought you might enjoy an op-ed by Governor McDonnell, published in The Hill, in which he discusses how balancing the budget by cutting spending and implementing sound economic policy is setting the stage for economic recovery and growth here in Virginia, and how the country could benefit if Washington adopted a similar approach.
This afternoon I was in Shenandoah County to cut the ribbon at Mercury Paper’s new North American headquarters in Strasburg. The company’s decision to move its headquarters from California to Virginia, and expand their existing facility, means 150 new jobs and millions in economic impact for Shenandoah County, the region and the Commonwealth. And it is the second time in two months that a major company has announced it is moving its headquarters from California to Virginia. In April Fortune 100 Company Northrop Grumman chose the Commonwealth for the site of its new corporate headquarters.
Yesterday morning, Governor McDonnell sat down for an interview on Morning Joe (MSNBC) to discuss Virginia’s job creation and education initiatives.
Today we pause as a nation to remember those who have given their all for our safety, security and freedom.
Last week, Governor McDonnell made two announcements on bringing new jobs to the Commonwealth, signed legislation to make Virginia the most veteran-friendly state in the America, and announced an initiative to expand affordable housing in the state and address the problem of homelessness. Not bad for a week’s work!
Only two days ago I wrote to you about the many successes of Governor McDonnell’s first 100 days in office. Today, I’m excited to update you on yet another: Northrop-Grumman, a Fortune-100 company with annual revenue of around $34 billion, has agreed to relocate their headquarters from southern California to northern Virginia! The move will immediately bring 300 jobs to the Commonwealth and create many more as the firm grows its operations in our state.
The Governor made the official announcement only hours ago, and I’ve provided one of the many positive news articles about it here.
As always, we sincerely appreciate your continued support.
Phil Cox, Opportunity Virginia PAC
Office of Governor Bob McDonnell - Virginia Governor Bob McDonnell announced today that he will propose an amendment to the biennial budget passed by the General Assembly to reinstate an important tax deduction for Virginia employers. Virginia law previously allowed companies to claim the federal Internal Revenue Code (IRC) Section 199 Domestic Production Activity Deduction. The deduction was passed at the federal level in 2004 to encourage domestic manufacturing and keep companies from locating offshore. However, in the original biennial budget presented by the prior Administration the deduction was eliminated effective for taxable years beginning on and after 2010. The General Assembly adjusted this slightly, moving to gradually phase out the deduction by 2014. The elimination of the deduction would eventually result in an estimated $30 million tax increase on Virginia employers.
Standing on the steps of the State Capitol in Richmond just over two months ago, I pledged as Virginia’s 71st Governor to build “A Commonwealth of Opportunity” for all Virginians.
As I said then, and stands true today, opportunity starts with economic growth and job creation. The responsibility of government is to strengthen the free enterprise system and help the private sector to create jobs. Only then will we get our economy back on track.
Stay safe in the snow. Check out VDOT’s website for up-to-date road conditions or follow their updates on Twitter.
Governor McDonnell has declared a state of emergency in Virginia in preparation for the upcoming snowstorm:
Read more here
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Please click the link below to watch the full video of Governor McDonnell’s response after the State of the Union Address.
Click below to read the full text from Governor McDonnell’s response to the State of the Union Address where he calls for less government.
