RICHMOND, Va. (AP) — Democratic Gov. Terry McAuliffe and state lawmakers are announcing cuts to state agencies, universities, and local governments to help fill a projected budget gap and preserve Virginia’s AAA bond rating.
The governor and Republican lawmakers said at a Capitol news conference Monday that they have agreed to cuts of $192 million to state agencies, $90 million for higher education, and $60 million for aide to local governments over the next two years.
The budget plan won’t affect K-12 spending and will not include any increase in fees or taxes.
McAuliffe praised GOP lawmakers for their willingness to work with him to address a projected $882 million shortfall over the biennium, saying the bipartisan approach was needed “to send a signal to Wall Street” and preserve the state’s sterling bond rating.