A top Republican budget negotiator plans to meet his Democratic equals to work on a compromise for the spending plan of Virginia for the next two years.
Negotiators To Meet Regarding Virginia’s Spending Plan
Lawmakers in Virginia recently approved a stop-gap budget bill that would be used for various programs. This would give the leaders of the legislature’s money committees more legroom to polish out details, this includes the $1 billion tax cuts proposed by Gov. Glenn Youngkin, a proposal that divided Democrats and Republicans. Negotiators say that they are currently in a “holding pattern” while they analyze the economic status of Virginia. Although, they clarified that they are not in a hurry since Virginia is currently within a two-year budget and that possibility of a government shutdown is currently non-existent.
However, a budget should be finalized since there is $3 billion currently unspent. This could be used for schools and other programs that rely on the budget of the government. Barry Knight, Virginia House’s Appropriations Committee Chairman, stated that he hopes to meet his Democratic Leaders in the Senate after the sides agree to keep on working toward an agreement.
More on Gov. Youngkin’s Proposal
Youngkin can call for a special session once an agreement is reached, allowing lawmakers to come back to Richmond to vote for the revisions to the budget. Youngkin told 8News a few weeks back that a budget is needed, but a spokeswoman from his camp was not able to respond immediately to a request for comment.
Republicans from the House agree with Youngkin’s proposal to decrease the tax rates of corporate income to 5% from the current 6%. Youngkin’s administration believes that this would attract companies to come to Virginia. Democrats from the Senate were more focused on the corporate tax cut since they disagree with it. They suspect that the $3.6 billion Youngkin promoted is a way to make investments and cut taxes for mental health and education purposes when it should be directed to other projects.