Virginia Gov. Bob McDonnell said Tuesday the commonwealth finished fiscal 2011 with a revenue surplus of $311 million but could still have its bond rating downgraded unless the federal government resolves an ongoing dispute over the debt ceiling.
President Obama's political arm is already flexing in Virginia as he looks to repeat a historic 2008 victory in a state that could make or break his bid for a second term.
Democratic candidates for the Virginia Senate have outpaced their Republican rivals in second-quarter fundraising, with control of the General Assembly's upper chamber on the line this fall.