A looming deficit crisis of up to $600 million has left legislators with the task of finding new ways to fund the Permanent Fund dividend and balance the state budget.
ANCHORAGE, Alaska - The Senate majority caucus hosted a press conference on Tuesday to discuss how Alaska lawmakers are scrambling to find new sources of revenue. The press conference comes a week after Gov. Mike Dunleavy announced a bleak revenue forecast, and as the legislative session moves closer to the last day of the regular session in May.
The bill would also bring down Alaska’s per-barrel oil tax credit system from $8 to $5, in addition to placing a cap on the credit amount to put it on par with capital expenditures. Both proposals were discussed at a Senate Majority press conference, highlighting the urgency of remedying Alaska’s financial health to defray the negative impacts from annual volatility injected by slumping oil prices.
“It appears that we’re going to be somewhere between five and six hundred million underwater,” Stedman forecasted.“We’ve reached the cliff, I believe, I believe the Senate Majority recognizes that the cliff is here now,” Giessel said. “So we have to start getting really serious about solving this.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tether Is Winning Stablecoin Battle Despite Looming RisksAlready the world’s largest stablecoin by market cap, tether’s value has increased by more than $5 billion in the past two weeks.
Read more »
There's another looming cliff — the end of the student-loan repayment moratoriumThere's another worry on the horizon: the looming end of the student loan repayment moratorium.
Read more »
Looming Medi-Cal changes could swamp local agencies and disrupt coverageGuest Commentary: Some CA community clinics are concerned that undermanned local agencies administering Medi-Cal are unprepared for major changes in eligibility and access, prompting fears about coverage disruptions and patients losing benefits.
Read more »
CFTC's complaint against Binance seeks permanent trading and registration bans, and other detailsWe read the CFTC's 74-page complaint so you don't have to.
Read more »
More support of permanent option for slain San Jose Safeway employee’s roadside memorial: RoadshowManny Huizar was murdered when he tried to stop a late-night shoplifter who shot him in June, 2022.
Read more »
The Daily Show Permanent Host News Late Spring & More DetailsChris McCarthy had some promising updates to share on how things are looking regarding a permanent host for Comedy Central's The Daily Show.
Read more »