Facing a $900 million budget gap, lawmakers approved a budget Friday that will effectively hold school funding flat in the next year.
The worry is that current official financial structures are adequate to finance a bailout of Ireland and Portugal, which votes on its 2011 budget Friday, but that they would not be sufficient to support the much larger Spanish economy.
The governor is scheduled to submit his budget Friday, and he has said he will propose a spending plan that closes an estimated $1.3 billion budget shortfall without raising taxes.
ALBANY — The Legislature completed action on the state budget Friday after a week of debate, passing the $131 billion spending plan for the fiscal year that began on Wednesday.
Terry McAuliffe (D) vetoed portions of the state budget Friday, setting Virginia up for a legal showdown with legislative Republicans who oppose his efforts to expand Medicaid under the Affordable Care Act.
RICHMOND — Gov. Terry McAuliffe (D) will announce a larger-than-expected shortfall in the Virginia state budget Friday, possibly in the range of $1.5 billion, according to several people familiar with the figures.
