The impending $300 million revenue shortfall is no big deal in a $74 billion two-year budget, Gov. Timothy M. Kaine said on his monthly radio call-in show. “Three hundred million is a lot of money, but as a percentage of the state budget, it is not a massive percentage. It’s not a huge emergency.”

Among other potential actions, reports Michael Hardy with the Times-Dispatch, Kaine could postpone some of the $1 billion-plus building or renovation projects in the budget. The administration has so far resisted ordering a hiring freeze.

Frankly, if the Governor’s not worried about the shortfall, neither am I. The economy is expected to rebound later this year, and revenues will likely get back on track. Until that actually happens, though, we need to keep a close eye on the budget and, at the very least, avoid any new spending commitments.