Virginia: Looks Like All Spending Cuts Here, Too

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Sales and income tax revenues have both slowed in Virginia, stirring Governor Kaine to push his financial advisors to prepare a revised estimate of the inevitable budget shortfall a bit sooner than first expected. The official estimate won't be available until early October, but legislators and analysts are predicting that the shortfall will exceed $1 billion. The Governor has flatly rejected the idea of increasing any general fund taxes. Pure spending cuts, unaccompanied by any tax increases, appear to be in Virginia's future as well.

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