Kaine pleased with new budget, but fixes needed

The budget deal crafted by Congress will "do good things for the economy" by providing greater certainty on federal spending over the next two years, Sen. Tim Kaine said Wednesday.

The Senate passed the measure 64-36 Wednesday and sent it to President Obama, who will sign it.

It contains good news for Hampton Roads. The bill avoids a government shutdown and provides $63 billion to relieve some of the forced cuts under sequestration.

But Kaine, like his Virginia colleage Sen. Mark R. Warner, wants to eliminate a provision that would curb military retiree benefits.

It calls for a 1-percent cut in the annual cost-of-living adjustment (COLA) in military retiree pay for younger veterans -- those under age 62.

Kaine supports legislation that would raise money by closing an overseas tax loophole, eliminating the need for the 1 percent cut. He and Warner introduced that bill along with Sen. Jeanne Shaheen, D-N.H.

"I think this is a straight forward fix that will find support in both houses," Kaine said during a conference call with reporters.

Separately, the National Defense Authorization Act is expected to clear the Senate on Thursday. That bill is also important to the Tidewater region because it protects ship building and ship repair accounts, Kaine said.

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