Summary
Gov. Tim Kaine said Wednesday that the state faces a $1.5 billion revenue shortfall and must make massive spending cuts to close the budget gap.
The difference comes from a $1.2 billion revenue shortfall for fiscal 2010 added to $300 million in lost revenue from fiscal 2009. It will be made up through budget cuts and possible layoffs of state employees, Mr. Kaine said.See the full content of this document
Extract
Kaine Warns of Still More Spending Cutbacks
"I can't say anything is off the table," Mr. Kaine said after addressing legislative leaders on the state's financial situation. "We've got some very painful d...
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