Virginia: From Deficit to Surplus in 6 Months
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.