New Sustainable Alaska Plan Our Challenge Alaska is facing annual deficits of more than $3 billion – even after budget cuts of 44 percent in the past four years. Without a plan we’ll burn through our budget reserves in less than two years. The New Sustainable Alaska Plan calls for a combination of Spending reductions Sustainable use of Permanent Fund earnings Modest tax increases Oil and gas tax credit reform Together, we can stabilize the budget and protect our economy and our way of life. Alaska’s Budget Challenge from Alaska Governor Bill Walker on Vimeo. Visit here for more information about previous budget conversations with Alaskans or to see the Governor’s Budget Book.