Gov. Bob McDonnell on the State of Virginia

Virginia Gov. Bob McDonnell speaks to Judy Woodruff at The Atlantic's "Building the Economy & Jobs of the Future" Event. We're live-blogging the event. Entries listed in reverse chronological order.

10:25: McDonnell sounding a lot like President Obama. His values -- education, innovation and exports -- is a perfect reflection of the president. But his approach -- spending cuts first and low taxes second -- is very different, which helps you see why common values aren't enough to create consensus in Washington.

10:20: Responding to the possibility of defense cuts, McDonnell says he's concerned about the impact of cuts VA jobs. McDonnell says talk about 30% cuts to defense contractor jobs is premature.

10:15: When McDonnell cut $4 billion in spending from Virginia's budget, McDonnell says some public sector jobs were lost but it was worth it by convincing businesses that government would stay out of their lives.

10:10 McDonnell tells an impressive story about how he flies to the four corners of the world to encourage companies to Buy Virginia. China, Japan, England, Israel are four countries the guv has touched down to create customers for Virginia products. Woodruff: "Will you fly across the country for a few hundred jobs?" McDonnell: "Sure." He also says that agriculture is still the top business in Virginia.

10:05: Why is Virginia's in a better spot? The country is 4th in the country in total jobs created, and 4th in jobs created per capita. The guv gives a few reasons. VA's right to work status gives the state an advantage in attracting business. Good schools attract skilled students. Proximity to Washington DC helps tech and defense contracting.