McDonnell signs budget bill, debates Axelrod on funding methods

Virginia Gov. Bob McDonnell signed a budget bill Monday, after debating White House advisor David Axelrod on "Meet the Press" Sunday about how he balanced the budget.

The governor used his line-item veto power to reduce state funding of public television and public radio stations by $424,001 in fiscal year 2012.

Axelrod said McDonnell was declaring victory in closing the budget shortfall without raising taxes, but that he was able to reach the balance only by taking money from the pension system and using money from the president's stimulus program.

"I have decided to reduce the appropriation made to public television and radio stations," McDonnell said in signing the budget bill. "In today's free market, with hundreds of radio and television programs, government should not be subsidizing one particular group of stations. We must get serious about government spending."

McDonnell said Sunday that he was taking the state from budget deficits to a surplus without raising taxes.

But Axelrod said that McDonnell was borrowing $3 billion against future transportation receipts as well as using stimulus money and borrowing from the pension system.