SAN FRANCISCO -San Francisco needs to cut as much as $350 million of general fund spending to balance its budget next year in the face of a slowing economy, lower state aid and rising health care costs.

The city's budget shortfall helped convince Fitch Ratings to revise its outlook on the city's general obligation bonds to stable from positive last week. Fitch rates the city's $1.2 billion of GO debt AA-minus. The city plans to bring $452 million of debt to market in the next two months.

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