The Virginian-Pilot
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RICHMOND
Virginia should get about $5.8 billion in federal stimulus money, but the cash won't come close to solving the state's fiscal problems, House budget writers were told Friday.
Here's the complicated math that was presented to the House Appropriations Committee:
- The state faces at least a $3 billion shortfall in revenues needed to balance its budget over the next 17 months.
- Under a stimulus bill approved by the U.S. House this week, Virginia would receive $5.8 billion over the next two years. The state's take would remain the same under a bill being considered by the U.S. Senate, although the senators' plan differs with the House's on details on how the money must be spent.
- Of the Virginia money in the House bill, $2.6 billion would be earmarked for federal programs - such as education and college tuition grants - that have no bearing on the state budget.
- Another $1.05 billion would be earmarked for public works projects to improve transportation, public schools and colleges.
- That leaves roughly $2.15 billion that the state could use in its operating budget. But the money would come in over two years. That means that the state would only have half the sum - a bout $1.1 billion - to help balance its budget shortfall.
Warren Fiske, (804) 697-1565, warren.fiske@pilotonline.com
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I thought...
I thought the great stimulus was, well, a stimulus package to put money in peoples pockets or jobs on the table. Funny how this great stimulus is nothing more than a gift to the states to balance their bloated budgets. Timmy already knows how to blow money like a child with a credit card. Why are the taxpayers enabling his extremely poor financial choices and management?
Big mistake coming.
Not a dime of the money should be spent on the shortfall. The money should be spent on infrastructure improvements and jobs. Kaine and the rest of Richmond will just waste the money away on PORK projects.
"That leaves roughly $2.15 billion that the state could use in its operating budget. But the money would come in over two years. That means that the state would only have half the sum - a bout $1.1 billion - to help balance its budget shortfall. "
Another $1.05 billion would
Another $1.05 billion would be earmarked for public works projects to improve transportation, public schools and colleges.
The third Chesapeake Bay crossing, a second mid town tunnel 'tube' and a third lane on the interstate from Williamsburg to Richmond and then up to Washington DC.
That should just about do it.
We Decline The Government Cheese
This is nothing less than a Federal buyout that will cost Virginia a greater multiple in return. No we don't have a deficit, we have more plans than money to fund them. So we choose what is important and neccessary over that which is foolish.