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California Budget Battle Heats Up

State officials are warning that continued delays in approving a 12 billion dollar bond sale to replenish
California´s general revenue fund could be a knockout blow to the state´s already faltering budget.

They´re scrambling to resolve a three-way impasse
between Governor Davis, his appointed California Public Utilities Commission, and the state Legislature.

The state can pay its bills this fiscal year, but
severe budget cuts are in the offing if the money used to pay for electricity this summer isn´t replaced by the start of the new year next July.