Port of Virginia, Newport News shipyard fare well in president’s budget

The Port of Virginia and Northrop Grumman Corp.’s Newport News shipyard got a boost from the White House on Monday in its federal budget proposal for fiscal 2012. The Obama administration proposed spending $27.4 million in funding for the Craney Island Marine Terminal, a dual-purpose project that would create a new ocean cargo facility for Virginia Port Authority and expand storage capacity for material dredged from Hampton Roads harbor. While an effort led by U.S. Sens. Jim Webb and Mark Warner to insert $50 million for the project fell short, the proposed 2012 funding dwarfs the $1 million earmarked in the year-earlier budget.