SAN FRANCISCO - California Gov. Arnold Schwarzenegger’s revised budget proposal last week includes $6 billion of revenue anticipation warrants, though that is only one piece of the state's massive short-term borrowing needs.

Schwarzenegger, responding to continuing slides in state revenue since lawmakers adopted a fiscal 2010 budget in February, released two versions of his revised budget proposal - one to address a $15.4 billion shortfall, and another to address a $21.3 billion shortfall if voters reject several budget-related ballot measures Tuesday, particularly a measure that would allow the state to sell $5 billion of bonds backed by the state lottery.

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