Deeds rolls out economic plan

As part of a sweeping economic plan Creigh Deeds announced today , the Democratic candidate for governor said he wants to provide tax credits to companies that create jobs, establish programs to assist small businesses, and get a transportation funding deal out of the legislature.

Deeds' proposal incorporates new concepts and some he has previously mentioned, such as expanding green energy research initiatives. It also includes some of the boilerplate campaign promises made by Virginia gubernatorial candidates over the years: more jobs, better access to education, and passage of a transportation package as a path to economic prosperity.

"Our plan will jump-start the economy, create jobs, reduce taxes on small businesses and position Virginia to succeed and win in a new economy once we recover from this challenging time" Deeds said. "This plan also provides targeted resources to help families facing unemployment, workers in need of job training, and students interested in high-wage, high-demand jobs."

A state Senator from Bath County, Deeds unveiled his plan at an event in Roanoke this morning alongside U.S. Sen. Mark Warner, D-VA. Deeds then discussed the plan with reporters across the state on a conference call.

Some similar themes emerged during a policy rollout Republican candidate Bob McDonnell and running mate Lt. Gov. Bill Bolling presented earlier this month. McDonnell, a former attorney general, has said he too wants to put more money into the Governor's Opportunity Fund and provide tax credits to help businesses grow. Democrats have been critical of McDonnell's call to expand the opportunity fund after voting to reduce it while a member of the legislature representing Virginia Beach.

Reacting to Deeds' announcement, McDonnell spokesman Tucker Martin said "it's good to see Creigh finally talking about policy, and it looks like he's been reading our press releases."

One distinction between the plans is that Deeds' says his tax credit would be available to any business that adds jobs or boosts wages. The tax credit in McDonnell's proposal is for firms that create 50 new jobs, or 25 new positions in economically distressed regions.

During the conference call, Deeds reiterated his pledge to find a solution for Virginia's transportation woes as governor. Efforts to reach a compromise have been largely fruitless in recent years, but Deeds believes he will succeed where others have failed.

He didn't offer many specifics about how he'll accomplish that.

"I'm not going to tie myself to any specific plan to fund transportation," Deeds said. "The reality is we've tried lots of things in the past and they haven't worked."

McDonnell, likewise, has said he has a transportation plan, but hasn't offered many details.

More details about Deeds' and McDonnell's economic proposals can be found here and here, respectively.

UPDATE: McDonnell's staff today said the candidate will unveil a transportation plan Tuesday.

-- Julian Walker

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