-Chickens with their heads cut off. 
Please!! Let's not savings-deplete or budget-cut ourselves into a deep recession or depression!!   
This is an opportunity to start doing things right.. 
First - To restructure the PFD in the successful direction Norway and Saudi are taking with their oil wealth savings (sovereign funds) - to gradually (10 years?) replace sole-source oil as the public revenue engine with an investment interest income engine. 

We will not be able to totally rely on that, and we will need to take several currently controversial PFD fund and revenue steps, over 2-3 years - to get to a sovereign wealth PFD system - but we need to start this year with a Walker-like plan that (a) is revenue stable year after year 
(b) maintains a PFD wealth distribution, and 
(c) taxes in-and-out of State workers incomes - with the level of a resident's individual PFD distribution linked to that individual's State income tax paid. 

Second- Do NOT budget-cut us into a depression!