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Alaska Senate passes $373.5M spending bill using surplus funds from high oil prices.
The Alaska Senate unanimously passed a $373.5 million supplemental spending bill, scaled down from an initial half-billion-dollar proposal, using funds from the state’s Constitutional Budget Reserve.
The bill, which now heads to the House, supports infrastructure, storm and wildfire relief, and returns nearly $130 million to the Higher Education Investment Fund.
Lawmakers cited unexpectedly high oil prices—driven by Middle East tensions—as reducing the state’s projected deficit, making the smaller package feasible.
Republican leaders in the Senate agreed to the compromise over concerns about spending growth, while House Republicans urge delaying a vote until a new revenue forecast is released Friday.
El Senado de Alaska aprueba un proyecto de ley de gastos de $373.5 millones utilizando fondos excedentes de los altos precios del petróleo.