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  • Virginia Facing $1.2 Billion Deficit Fiscal Think Tank Looks At Upcoming Budget; Blames Tax Cuts

    07/31/2007 1:11:11 PM PDT · by iceskater · 44 replies · 1,388+ views
    WRVA ^ | Tuesday, July 31, 2007 | 1140wrva.com
    The Commonwealth Institute for Fiscal Analysis says Virginia is facing a $1.2 billion deficit over the next two-year budget cycle. The current budget, by official estimates, is $200 million short. Institute Executive Director Michael Cassidy says the tax hike in 2004 did help Virginia's long-term outlook. However, since then, Cassidy says lawmakers have cut various taxes, taking away revenue. Cassidy is not publicly advocating another tax increase to fix the situation. He claims he is just trying to get the debate started. The size of the deficit could be a big problem for Governor Tim Kaine, who wants to spend...