Fox News
Expand
Browse All Video
Watch Live

You're watching...

State Hoping to Create Budget Surplus Without New Taxes

Details

  • Description

    Virginia Gov. Bob McDonnell explains proposal

  • Duration 3:53
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Lawmakers who think the after raise taxes to balance budgets.

-- wanna take a look at the state of Virginia.

The -- -- Republican governor proposing a budget that beefs up Virginia's pension system.

With no new taxes there are some fees that come into place.

But there will be a lot of money left over if all of this goes -- the way that governor Bob McDonnell would like to -- And -- about that and he joins us now governor welcome good to see today.

And -- Merry Christmas in America this year it's great daddy got so if this -- guys -- two year budget that would go through 2014.

And if it goes thrill and passes in near our house and senate you're gonna have a surplus in your budget of 31 point four million dollars is that correct.

Right but that's a small part we've done a lot of other things to beef up liquidity -- doubling the size of our rainy day fund from 300.

600 million dollars were tucked away about fifty million dollars for the anticipated and necessary cuts at the -- the federal level.

And number of other things have put us -- a better cash position that we don't need to be spending all the money we need to reserve it in these uncertain times.

But we're still -- it -- make it tough sources Martha that's yes.

That's -- -- governing right now is moving things from lower priority the higher priority for us it's fixing our pension system fixing transportation.

Maintenance and getting our college tuitions down -- that's what we're doing in the budget but still -- that money left over and have a -- Talk about that a -- back cuts in Medicaid and K through twelve.

For education and that money goes to pension reform higher education and and transportation so we know what about the folks that don't wanna see any cuts to education.

And -- medical care for the for the war.

Martha that's the -- over there or not -- that's Washington speak these are reductions and increases that I know.

People on the left call -- cuts were just managing expectations a little bit better we're reducing.

Somebody all formulaic -- -- about how you fund these things.

And were reducing the rates of increase in making people more accountable transparent managing the money better and it putting an end of things where we can drive down -- and drive down.

A pension fund liabilities in the future that's not -- -- -- cut percent were just managing the money better.

-- is -- time about this 822 million in DM BC is that will be added is that right and restaurant inspections.

And increased employer payments to the unemployment compensation at that might have some small business owners -- raised their eyebrows what about a pay more for all those things.

Well they're they're small and light of an 84 billion dollar budget these are fairly small.

RD -- solely thought about what we called on -- fun it's solely funded by fees and we've been so successful the last couple years it incentivizing people to go online and get a discount and having an eight year license that a -- license for.

Essentially the same price we've really decrease the amount of money.

Go out and India they all they do -- get us back to the status while and that that's why we're doing it.

All right we know of is is gotten a lot of attention for you in the state of Virginia and they're talking.

Possible vice presidential.

Nomination for you know would you would you take that would except that was to be on somebody's ticket.

You know I got the job held -- Patrick Henry Thomas Jefferson being governor of Virginia there's no better deal that -- But -- you know we've got our country.

Load More