Alaska governor limits annual oil-wealth checks to $1,000

ANCHORAGE, Alaska (AP) — Facing a multibillion-dollar deficit, Alaska's governor on Wednesday cut in half the annual checks that give all residents a share of the state's oil wealth, but he kept enough money in place to award everyone a $1,000 payout.

The veto "preserves that ability to provide a check to every citizen in this state forever," his budget director, Pat Pitney, said.

Alaska's government relies mostly on revenue from oil production to stay solvent.

[...] declining production and a precipitous drop in oil prices have left the state with a deficit of more than $3 billion for the next budget year.

After a news conference, Walker told The Associated Press that he runs the risk of having lawmakers override his budget vetoes because he's called them back into session beginning July 11, but that's not his intent.