I do not agree that the "sky has fallen" and I do not agree that we have to retake such drastic steps such as cut the PFD. The PFD is a significant economic engine that benefits Alaska more than just giving money to its residents. A more measured response is needed. Perhaps first start with truly cutting state spending. Not by putting off obligations and claiming a cut. Not by claiming that cutting the PFD  by half is a reduction in  state operating expenses. And certainly not by continuing to spend millions on a failed concept: a natural gas pipeline. Maybe consider a seasonal sales tax. Perhaps a tax on fishing revenue. Commercial fishing takes a resource that belongs to all Alaskans, yet there is little revenue produced such as is with oil extraction. 
So we spend the rest of our reserve in the next couple years. So what. It is there for this very purpose. Then look at the situation. Once we tax line or decide to take the PFD away it might be very difficult to go back. Be patient!