Virginia Sees More Military Cuts Ahead, Pushes Economic Diversity

Virginia is the No. 1 recipient of U.S. military spending, but with further defense spending cuts looming, Gov. Terry McAuliffe is working to diversify the state's economy. McAuliffe, who took office in January, says that 'if sequestration goes into full effect in the next few years, there could be $50 to $90 billion in additional cuts.' Since taking office, McAuliffe has been able to attract Air China to Dulles Airport, Carnival Cruise Lines to Norfolk and China's Shandong Tranlin to the Richmond suburbs. Shandong Tranlin has committed to building a $2 billion environmentally friendly paper plant which will create 2,000 jobs. McAuliffe says that the Tranlin investment is the largest-ever foreign direct investment by a single company in the U.S. McAuliffe says, 'getting foreign investors here in Virginia is key for us to replace those lost military assets.' TheStreet's Ruben Ramirez has details from New York.