Virginia Gov. Bob McDonnell proposed Monday to raise speed limits on rural stretches of highway, cut red tape for starting a small business and pump money into promoting the state’s tourism, film and wine industries.

In his first State of the Commonwealth speech, two days after taking office, McDonnell rolled out a package of reforms meant to spur job growth and economic development in the hope of leading Virginia out of its economic slump. The new Republican governor offered comparatively little detail, however, on how he will confront a $4 billion budget shortfall brought on by that downturn.