Oct. 26--Incumbent Virginia Lt. Gov. Bill Bolling said even should his Republican running mate for governor, Bob McDonnell, win next month, he "will inherit a financial disaster" of a state budget, which Bolling blames on current Gov. Timothy Kaine and Bolling's opponent in the election, Democrat Jody Wagner.

Wagner, secretary of finance under Kaine, said the error in the revenue projections that led to billions in state shortfalls were unforeseen nationally and said Bolling had his chance to offer input as a member of the governor's council on revenue forecasts.

"Even though Bill has opinions, he didn't bother coming to share or participate in the process," Wagner said. "That is not leadership."

Bolling said Wagner was way off in her revenue estimates and said had she run a private corporation as chief financial officer she would have been fired.

Bolling said he told the Kaine administration in January 2008 that their estimates on tax collections were too ambitious and, "I said, 'this won't work.' "

Bolling, who put aside his gubernatorial aspirations to be a loyal Republican and let McDonnell top the ticket, said the Republican Party will restore sanity to the budget and get Virginia back on track economically.

The first priority is to reduce spending and not increase taxes, Bolling said.

There will also be more investment in energy, a more aggressive economic development and a deputy secretary of commerce and trade focused on rural economic development, Bolling said.

Bolling said his designation as Virginia's chief job creation officer will allow him to be a point man for economic development.

Wagner agrees with Bolling on the need for more money in the Governor's Economic Opportunity Fund, but said there should be a second state fund to attract biotechnology and other industries. She also wants to see increased investment in small business.

While Bolling supports McDonnell's plan for transportation, which includes privatization of ABC stores, tolling on interstates on the North Carolina border and bonds, Wagner said serious discussion about transportation must wait until the economy improves.

"If the economy improves, we will have to have a conversation to improve transportation," she said.

Bolling said there are stark differences between he and Wagner in their readiness to hold office. He has served as both lieutenant governor and a state senator.

"I've been lieutenant governor and my opponent has never held elected office and never had to cast a difficult vote," he said.