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Virginia Facing A $1.2 Billion Budget Shortfall On Top Of $280 Million Carried Over From The Previous Fiscal Year

Governor McAuliffe addressed the General Assembly’s joint money committees and detailed the revenue shortfalls. Teachers, deputies and other state workers raises have been cancelled saving the state $125 million. The Governor also plans to ask for $378 million from the $630 million Revenue Stabilization Fund (also known as the rainy day fund). The General Assembly committees will now begin looking for savings. For more details, read the Governor’s remarks to the committees.

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