CHICAGO -MichiganGov. Jennifer Granholm yesterday unveiled a $44.8 billion fiscal 2009 budget that relies on refinancing a chunk of outstanding debt in order to generate new revenue in the economically struggling state.

Budget director Robert Emerson presented the all-funds budget yesterday to state lawmakers, who focused their questions on the borrowing and refinancing plans, while praising the budget's lack of new taxes or fees. The budget comes amid a deteriorating economy and after an acrimonious year among state leaders who eventually enacted a mix of tax increases and budget cuts to eliminate a $1.75 billion deficit.

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