Perm Fund cuts

Alaska Gov. Walker, right, seen in this screenshot from Wednesday's news conference, with Lt. Gov. Byron Mallott, says restructuring the Permanent Fund would grow lifelong earnings of an Alaskan to $18,000 with a plan versus $8,000 without. Matt Buxton/News-Miner

FAIRBANKS—Gov. Bill Walker has capped the Alaska Permanent Fund dividend at $1,000 following the Legislature's inaction on measures to significantly close the state’s multibillion-dollar deficit.

Walker, at an Anchorage news conference Wednesday, announced some $1.29 billion of vetoes that touched numerous areas, including K-12 education, the University of Alaska, substance abuse treatment, public broadcasting and transportation.