Debt deal could have big impact on Virginia
So we have a deal. But is it all good news? Major cuts have to come from somewhere and Virginia could be one of the states most impacted. There is still a lot of negotiating to do and the outcome could have a big impact on the Commonwealth.
Here is my report from Washington, D.C. for NBC12:
WASHINGTON, D.C. (WWBT) – The deal is done, but the debate is just beginning. Lawmakers have raised the debt ceiling but put off big decisions on entitlement reform and taxes.
They now must come up with a new plan that both sides can agree on and if they don’t the alternative could have a huge impact on Virginia.
It’s not easy. Cutting several trillion dollars means that everyone will feel the pain.
“There is no question that everything is on the table,” said Rep. Eric Cantor (R-Henrico), The House Majority Leader.
That includes the booming defense industry, an economy that sustains an important part of the Commonwealth. If a new bi-partisan commission must come up with $1.5 trillion in cuts by Thanksgiving. If they don’t, a provision in this current deal will go into effect. That provision arbitrarily cuts defense and Medicare deep.
It is something both sides would like to avoid….
…read and see the rest of the story on NBC12.com