For some legislators, opposing a big PFD in an election year is a tough call. For others it’s clear cut: If oil prices drop, the state will spend down savings and have to make up the difference with taxes, drastic cuts or both.
: Late Wednesday night, the House was expected to vote, had been on the calendar to vote. The Speaker of the House, Louise Stutes, abruptly canceled that meeting, rescheduling the start for 10 a.m. Thursday. That didn’t happen, and the start is now at a time to be determined. And the belief is, and the House majority has been open about talking about its desire to have a sustainable dividend, an amount that can be paid consistently, year over year. $5,500 isn’t that.
But if oil prices go down, the amount of money that needs to be pulled out of savings increases. So let’s say oil is $93 a barrel instead of $101. At that point, the state drains its Statutory Budget Reserve, the first of the big savings accounts that it uses to balance the budget.So in order to spend from the next savings account, the Constitutional Budget Reserve, the Legislature needs a supermajority vote, which it doesn’t have right now. But let’s say it gets that.
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