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Gov. McDonnell: ‘Unprecedented uncertainty’ with Va. economy

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RICHMOND, Va. (WTVR) - Gov. Bob McDonnell gathered his Advisory Council on Revenue Estimates in Richmond Monday to discuss the future of the Virginia economy.

"The standard economic outlook for Virginia reflects a slightly more pessimistic outlook for Virginia than the national outlook," Governor McDonnell said during his opening remarks.

McDonnell described this as a period of "unprecedented uncertainty" with questions looming over the impending fiscal cliff, wages of Virginia residents, and the transportation budget.

While Virginia already has a budget in place, the General Assembly may pass "modifications" to match economic conditions.

McDonnell said he will deliver more specifics on any suggested modifications to the budget in early to mid December.

While the Governor has asked state agencies to propose ways of reducing department budgets by four percent, he said that does not mean those proposes will become realities.

In regards to the Gas Tax, the Governor did not role out raising or "indexing" the gas tax to match inflation.

The gas tax has not been raised since 1986.

"We have a math problem and the math problem is we have dramatically less gas revenue coming in than we did 5 years ago," McDonnell said.

Stay with CBS 6 for updates on General Assembly proposals ahead of the session start date on January 9, 2013.