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The General Assembly is poised today to adopt a two-year state budget that looks much different than it did when the legislature adjourned more than three months ago with competing spending plans.

The revised budget includes close to $900 million in identified cuts to offset more than half of a revenue shortfall now projected at $1.55 billion over the next two years. The rest will come from the state’s Revenue Stabilization or Rainy Day Fund — if the budget is enacted soon.

For the Senate, the budget also will be missing Marketplace Virginia, a private insurance plan proposed as an alternative to expanding Medicaid under the Affordable Care Act. Four Senate supporters of the plan agreed to separate it from the budget to address the shortfall and tap the Rainy Day Fund for $705 million.

“I know nobody who disputes we need a budget and we need it as fast as we can get it,” said Finance Secretary Richard D. “Ric” Brown, whose boss, Gov. Terry McAuliffe, has made expanding health insurance coverage his top priority.