$1 billion from feds offsets latest Va. loss

Posted by Colby Rogers - email

RICHMOND, Va. (AP) - More than $1 billion from the federal stimulus package will more than offset the latest drop in Virginia's revenue.

Gov. Tim Kaine announced early Monday that Virginia will get a little more than $800 million for Medicaid and about $216 million in discretionary cash.

The news comes three days after Kaine downgraded projected revenues for the current two-year budget by $820 million.

It doesn't reverse cuts in state jobs, program cuts and other savings the state has made already to the budget. It does keep the state from making further cuts to an already austere budget.

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