RICHMOND, Va. (AP) — Virginia Gov. Terry McAuliffe says an agreement has been reached on budget cuts for the next two years.
McAuliffe and leaders of the General Assembly plan to release details at a news conference on Monday.
McAuliffe has said officials are projecting a revenue shortfall of nearly $2.4 billion over a three-year period.
McAuliffe appeared Saturday at the annual meeting of the Virginia Governmental Employees Association. He tells the Richmond Times-Dispatch (http://bit.ly/1wkPthU) that the agreement will protect priorities such as funding for education and health-care initiatives.
The newspaper says the agreement will identify areas that would close a $346 million revenue gap in the fiscal year that began July 1. It also would partially address a $536 million shortfall in the second year of the two-year budget.
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