01/20/2015 09:35 am ET Updated Mar 22, 2015

Alaska Governor: State's Savings Mean Oil Revenue Decline Doesn't Make Budget Situation a 'Crisis'

JUNEAU, Alaska -- Gov. Bill Walker says Alaska will tap its savings and cut budgets to get through low oil prices, but in an interview on the eve of next legislative session he was unwilling to call the state's multibillion-dollar deficits a "crisis."

"I don't use the word 'crisis,' having been through some crises in Alaska," Walker said. "This is a downturn. This is a serious time to sit down and make some changes within our fiscal structure."

Walker spoke with Alaska Dispatch News on Monday, making his first substantive comments on the state's budget in advance of this week's dual legislative addresses, first the State of the State on Wednesday and then the State of the Budget on Thursday. The 29th Legislature convenes Tuesday.

Both of Walker's addresses will be before joint sessions of the Senate and House of Representatives in the House chambers at the Capitol.

Read more at Alaska Dispatch NEws.