“One of our key priorities is not to be in a circumstance where we get over our skis on either side of this — tax cuts or in spending,” Mr. Youngkin told reporters this week.
The governor has had mixed success working with a divided state Legislature, which delivered $4 billion worth of tax cuts over the next two years, according to The Washington Post.
Republicans control the House of Delegates, while Democrats control the Senate. The newly minted tax cuts are estimated to reduce state revenue by about $50 million per month.
Mr. Youngkin said Virginia is in a prime economic position, reaching reserves that state lawmakers thought were unattainable.
By the end of next year, Virginia’s reserves are to top $4 billion, or about 15% of the state’s general fund.
The governor acknowledged, however, that the national landscape of the economy is dour.
“Generally, there is expectation that there will be a recession next year,” Mr. Youngkin said. “We really all believe it will be a storm; we’re just not sure whether it’s a tropical storm or a hurricane-level storm.”
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