WASHINGTON — Virginia Gov. Bob McDonnell unveiled his 2012-2014 budget proposal, an $86 billion plan he said prepares the Commonwealth for the fiscal cliff by increasing both cash reserves and flexibility and puts transportation revenue on a firmer footing.

Speaking to a joint session of the Virginia Senate Finance, House Appropriations, and House Finance Committees in Richmond on Monday, McDonnell emphasized the need to invest in infrastructure while maintaining a conservative spending approach in the face of the impending fiscal cliff.

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