SAN FRANCISCO — California Gov. Arnold Schwarzenegger’s plan to close part of the state’s $21 billion budget gap with revenue anticipation warrants is “very risky” and the governor may be underestimating the size of the revenue shortfall, according to a new report by the nonpartisan Legislative Analyst’s Office.

Schwarzenegger last week laid out plans to close a growing deficit that was made worse by voters’ rejection of budget referendums this week. He proposed $7.5 billion of borrowing to close the gap in fiscal 2009-10, including a $5.5 billion revenue anticipation warrant issue that would have to be repaid in 2010-11.

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