The 5th Special Session was to create a fiscal plan, something that should have been done in the regular session,  you know, the session with the bills to allow guns in college classrooms, no sex ed teaching via Planned Parenthood, changing daylight savings time.  With less than a full week of doing nothing, Chenault gavels out the session.  What Chenault was saying was:

1.  The House, especially the G.O.P. House, are too stupid to create a fiscal plan.  
2.  If Big Oil or ALEC haven't written the bills or plans, the House cannot comprehend how to do one.  
3.  The House has no problem showing the State's population their incompetence. 
4.  The House believes that Alaska are as dumb as they come.  

This means that the default fiscal plan for the State is:
1.  spend down the budget reserve
2.  spend down the permanent fund
3.  quit paying bills.  

but 2 and 3 might be mixed around.  I understand that the State is required to perform certain functions.