Press Release: Caution: Beware of Rising Debt

//////Press Release/////// Caution: Beware of Rising Debt

Media Contact - Transportation Inquiry - Bruce Richmond,  540.942.9422,  brucerich70@hotmail.com General Inquiry - Mark Lloyd, 434.942.3636, mklloydva@gmail.com

Virginia Feb. 7 2011- A core and defining principle of the Virginia Tea Party Patriot Federation is fiscal responsibility. Out of control spending in Washington was one of the catalysts for the Tea Party Movement. The national economy is on the brink of collapse with the national debt roughly equal to it’s annual economic output. The present and coming serious problems with the national economy will continue to negatively impact citizens of the Commonwealth as federal spending mandates strangle our state budget. "Now is the time for Virginia to cut spending and ensure that the essential functions of government, including transportation, are funded without borrowing money or increasing the tax burden on its citizens who have been the most impacted by the economic down turn," says Bruce Richmond of the Shennandoah Valley Tea Party. He continued, “There are several areas of concern, but one of the most glaring is the proposed bond bills that increase the aggregate principal amount of Commonwealth of Virginia Transportation Capital Projects Revenue Bonds that may be issued in a fiscal year from $300 to $600 million dollars. These maneuvers will limit the fiscal flexibility of the next administration. Additionally, when considering the impending unfunded liabilities such as the Obamacare Medicaid expansion, with $2.1 billion unaccounted for in current budget projections, we cannot continue to borrow at this rate. Transportation is an important issue to Virginians and needs addressing but not at the risk of our economic future. We call on our state representatives to keep their promise of promoting fiscal responsibility and challenge them to come up with a better solution to fund transportation. There are budget proposals out there that have cited spending cuts in other areas that could provide the needed funds for transportation without putting Virginia deeper in debt. They should be seriously examined before we take this risky and dangerous course of action. VTTPF Chairman Mark Lloyd issued this adjoining statement: "A core and defining principle of the Virginia Tea Party Patriot Federation is fiscal responsibility. Out of control spending in Washington was one of the catalysts for the Tea Party Movement. The national economy is on the brink of collapse with the national debt roughly equal to its annual economic output. The present and coming serious problems with the national economy will continue to negatively impact citizens of the Commonwealth as federal spending mandates strangle our state budget."