Alaska Senate Unanimously Approves $373M Spending Bill

0:00On March 12, here's the latest out of Anchorage. The Alaska Senate unanimously approved a supplemental spending bill on Wednesday, adding $373 million to this year's budget. Lawmakers also agreed to tap the $3 billion Constitutional Budget Reserve to cover the costs, easily meeting the required three-quarters. Majority support, high oil prices, boosted by the war in the Middle East, have brought an unexpected extra revenue, cutting the needed draw from savings. Earlier projections called for about $500 million from the reserve, but now it's much less, thanks to oil hitting $94. Per barrel, recently. Senate members from both parties celebrated the compromise, with minority Republicans backing the bill after cuts to items like Medicaid and corrections funding. Leaders noted the revenue spike smooth things over, avoiding bigger fights like the House saw two weeks ago. The spending includes $70 million for transportation to unlock federal funds, $98 million for fire

1:01suppression, $40 million for, disaster relief, and nearly $130 million to refill a higher education scholarship fund. These address vetoes by Governor Mike Dunlevy and urgent industry needs. The bill heads back to the House for a final vote, possibly Thursday, as minority leaders wait for an updated revenue forecast. If oil stays high through summer, no more reserve draws may be needed, but lawmakers warn against relying on global conflicts for budget fixes. The Daily News Now is powered by our sponsor. Lay back. Press play. Let the pillow do the rest. Sal meets comfort, S-O-L-L-I, solely pillow.com.