Governor Wants to Create Savings Fund

Bond rating agencies are considering reducing Virginia’s AAA status because of its close ties to the U. S. government.  Governor McDonnell has proposed creating a Federal Action Contingency Trust fund to help offset some of the potential federal spending cuts to the Commonwealth. The Governor also announced a $544 million budget surplus.  And as Virginia Public Radio’s Tommie McNeil reports, he wants to deposit $30 million of that into the new fund.

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