Tags: Economic- Crisis | Armey | Virginia | McDonnell | surplus | Freedomworks

Virginia Predicts $1.8 Billion Surplus in Shadow of DC's Deficit

Friday, 16 Jul 2010 12:40 PM

By Dick Armey

From the FreedomWorks website.

Taken on its own, the modest blue bump on the bar graph Gov. Bob McDonnell displayed at his news conference yesterday was anything but eye-catching. But in the context of the economic downturn, the small bar that represented Virginia’s $220 million surplus was monumental.

Gov. McDonnell and the Virginia legislature turned around a predicted $1.8 billion budget shortfall to a surplus in only six months.

The achievement is even more noteworthy because Virginia is in the shadow of a federal government that is expanding daily on record deficit spending and is neighbor to a state government with floundering finances.

Maryland and Gov. Martin O’Malley typified the crippling entitlement expectations by not adjusting their budget when federal healthcare funding stalled in Congress.

In a year that otherwise would have amounted to a surplus, Maryland is going to be forced to use the money to patch up a hole in Medicare funding because they failed to deal with the issue at the proper time.

After proving his state’s financial credibility, Gov. McDonnell will be able to use the surplus to reinvest in his state. The Washington Examiner reports on the uses of Virginia’s surplus:

About $82 million of the surplus will go toward a one-time, 3 percent bonus for state employees, who haven’t received a raise in nearly four years. Ten percent will be set aside for Virginia’s Water Quality Fund, about $19 million will go toward K-12 education, and two-thirds of undesignated balance will go toward transportation.

Keep fighting and pressuring elected officials to be responsible with your tax dollars so one day the whole country can turn the words of Gov. McDonnell into a proud refrain: “We didn’t overbudget; we didn’t overspend.”

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Obamacare Burned by 'Tanning Tax'

Friday, 10 Feb 2012 15:59 PM

Obamacare's Credibility is in question now that the so-called Tanning Tax has generated barely one-third of the projecte . . .

Tea Party Budget Is the Only Way to Save America

Monday, 19 Dec 2011 13:02 PM

From the FreedomWorks website.
Government, within its jurisdiction, has a monopoly on power. Government has the pow . . .

Good Education Is Important, But Not as Vital as a Job

Friday, 09 Dec 2011 16:00 PM

From the FreedomWorks website.
President Barack Obama s speech in Osawatomie, Kan., called for higher taxes on the  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved