Virginia Could See Nearly $3B Shortfall In Next Two Years

RICHMOND, Va. (AP) -- Virginia lawmakers have learned that state government could experience a budget shortfall of nearly $3 billion in the next two fiscal years.

The grim forecast for the next state budget comes on top of $5.6 billion in reductions to the current two-year state budget and continued revenue declines in a poor economy.

Members of the budget-writing House Appropriations Committee were told Tuesday by staff analysts that weak revenues, combined with mandatory boosts in spending programs, will leave the state $2.6 billion to $2.7 billion shy of its needs.