Virginia legislative leaders say budget talks have broken down and that future steps are uncertain
, co-chair of the Senate Finance and Appropriations Committee, both confirmed in interviews that further meetings this week had been scuttled. But their accounts about what transpired differed, with Knight saying Democrats had backed away from a previously agreed-upon outline of a deal that would have included both tax cuts and rebates, andsaid. “I have told my conferees to go home. They told their conferees to go home.
Republicans who control the House of Delegates and Democrats who control the Senate have been at odds for months over adjustments to the spending plan signed into law last year. Virginia operates on a two-year budget, with the plan initially adopted in even-numbered years and amended in odd-numbered years. During the regular session earlier this year, lawmakers sent Republican Gov. Glenn Youngkin what they called a “skinny budget” with just a handful of allocations after failing at the last minute to reach an agreement on the broader plan.
House Republicans initially sought additional tax cuts Youngkin has prioritized, including a reduction to the corporate tax rate. Senate Democrats said at the time that tax cuts beyond the $4 billion they agreed to last year would be irresponsible with a possible recession on the horizon. They instead wanted the surplus invested in government services.
Because there’s already an underlying spending plan in place, the lack of budget legislation this year won’t stop the functioning of the state government, even when the current fiscal year ends at the end of the month. But billions of taxpayers dollars continue to be essentially on hold - hoarded, as a former finance secretary put it - not directed toward either government services or tax relief.
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