Virginia is a pay-as-you-go state, which has saved us from the problems facing many states such as California or New Jersey. Virginia outlines a biennial budget and the General Assembly cannot adjourn from session until that budget is balanced. A balanced budget ensures that government lives within its means, and Israel believes that is exactly how the state budget should work.
Additionally, Virginia is not beholden to unfunded pension liabilities like many other states. While other states are currently facing or anticipating the issue of catastrophic state pension issues, Virginia is on a solid footing.
Virginia’s pay-as-you-go budget philosophy is proven and it works. If we pay as we go, there’s absolutely no reason taxes should be raised on the hardworking citizens of Southwest Virginia. Government must live within its means, just as citizens live within their means.
Delegate O’Quinn was proud to support a budget this year that not only shored-up Virginia’s rainy day fund, but also returned $1 billion back into the pockets of Virginia taxpayers.