Eliminating the Virginia corporate income tax - an idea that would have saved Virginia companies$648 million in 2009 - gained traction within Gov. Bob McDonnell's transition team. But thegovernor nixed the idea, saying he would not want to eliminate a source of revenue duringVirginia's dire financial straits. The governor's remarks imply he would not seek to replace thelost revenue with higher taxes elsewhere or by a reduction in spending even though he favorslow taxes in Virginia.

Gov. Bob McDonnell went public today with his recommendations for $2.1 billion in spending cuts he called "the most difficult decisions I’ve had to make in public life."

Philip A. Shucet is a transportation consultant and former Virginia Department of Transportation commissioner.

Hampton Roads Transit on Thursday hired Philip A. Shucet, who has a reputation as a dogged trouble shooter, as its interim chief to replace the embattled Michael Townes.

In all likelihood, the recession is over, according to Wells Fargo senior economist Mark Vitner.The economy grew by 2.2 percent and 5.6 percent in the last two quarters of 2009, Vitner told members of the Hampton Roads Association for Commercial Real Estate last Wednesday.