Landmark News Service
The chairman of the Senate Finance Committee told members Nov. 11 that Virginia could face a budget shortfall of as much as $1 billion over the next two years, with spending demands exceeding projected revenues during the biennium.
The Senate committee’s shortfall projection of $600 million to $1 billion is not as pessimistic as the estimate from the House Appropriations Committee earlier this week. The House budget writing panel projected a budget gap of $885 million to $1.5 billion.