VIRGINIA GOVERNOR TIM KAINE IS LOWERING THE STATE’S ESTIMATED REVENUE BY NEARLY 1.5 BILLION DOLLARS FOR THE TWO-YEAR BUDGET THAT ENDS IN JUNE. THE TOTAL REFLECTS REVENUES 1.2 BILLION DOLLARS SHORT OF CURRENT BUDGETED SPENDING PLUS A SHORTFALL OF 300 MILLION DOLLARS FROM THE PAST FISCAL YEAR. HE SAID NO SPENDING AREA, INCLUDING PUBLIC SCHOOLS, WOULD BE EXEMPT.