John Edwards on the House Plan
Wednesday, March 29th, 2006
Senator John Edwards (from Virginia, not North Carolina) offers some information about the House and Senate budget plans in this commentary.
Edwards lists a few examples of what we lose with the House plan:
[T]he House would take $259 million in higher education capital funds to pay for one-time transportation projects. Because the House relies on tax-supported debt to finance the higher education building projects, many would be put in jeopardy if there is an economic downturn.
And the cost of projects financed by debt would surely increase, probably by 50 percent over 20 years.
Virginia Tech could lose $7.6 million appropriated for the liberal arts and biology buildings. The $16.7 million appropriation for Virginia Tech’s Institute for Critical Technology and Infectious Disease Research Center would be replaced by debt financing.
Virginia Western Community College’s $15.8 million for Anderson Hall could potentially be lost. The $25 million cash for the Clinical Cancer Center planned at the University of Virginia would be replaced by debt. And $9.1 million for Smiddy Hall at the University of Virginia’s College at Wise might not be funded.
To pay for transportation, the House would also cut $82.4 million in operating funds from public and higher education, the community college system, natural resources and public safety.
More specifically, the House plan does nothing for Southwest Virginia, while providing heavily for Northern Virginia and Tidewater.
