RICHMOND, Va. -- Governor Terry McAuliffe (D - Virginia) announced details of a state budget deal that would address the state's anticipated $2.4 billion budget gap. With a group of Republican leaders by his side, Governor McAuliffe praised the deal as a bipartisan effort.
The agreement cuts tens of millions of dollars in state funding from state agencies, higher education and local governments over the next two years.
- State agencies - $92.4 million in FY15; $100 million FY16
- Higher education - $45 million over next two years
- Localities - $30 million over next two years
Sources previously told CBS 6 the deal would ask state agencies to find 5 percent in cuts by this Friday. McAuliffe said there would be no cuts to K-12 funding.
"Virginia stands at an economic crossroads and the decisions we make today will affect the Commonwealth for years to come," McAuliffe said. "I am pleased we were able to come together in a bipartisan way and make the tough decisions that will help ensure Virginia remains fiscally strong and provide much-needed certainty to the bond rating agencies on Wall Street."
"We have once again proven just how big a difference 90 miles can make. While Washington continues to kick the can down the road, Virginia is demonstrating that elected leaders can work together, make tough decisions, and find ways for government to live within its means," House Speaker William Howell (R-Stafford) said in a written statement.
At Monday morning's press conference, McAuliffe said he did not know whether the budget cuts will result in a loss of state jobs. McAuliffe said Virginia lawmakers have to deal with the "reality of what the numbers are."
This is a developing story.