Richmond, Va - Governor Tim Kaine released the following statement:

“While far from perfect, the current approach before Congress maintains economic stability by raising the debt ceiling and enacts important spending cuts that will help preserve our nation’s and Virginia’s credit rating. This is the beginning of a much longer process as we work to rebuild our economy.

“I’ve said all along that our approach to restoring fiscal responsibility must be both bipartisan and balanced. By establishing a joint committee with representation from both parties that is empowered to make additional cuts as well as raise new revenue, Congress has said that they also want a bipartisan and balanced result. And, I sincerely hope that negotiating without the specter of default or economic collapse will result in less partisan maneuvering and grandstanding and more pragmatic solutions.

“I’m disappointed that my Republican opponents joined the Tea Party in choosing default over bipartisan compromise. As the next U.S. Senator from Virginia, my commitment will be to always put the best interest of the Commonwealth and the nation over politics, as many Members of Congress have done by standing behind this flawed but necessary agreement."