SAN FRANCISCO - California is in "uncharted waters," Gov. Arnold Schwarzenegger's top finance official told The Bond Buyer's 18th Annual California Public Finance Conference yesterday, a day after the governor said he would veto the budget that passed the Legislature this week, more than 11 weeks into the fiscal year.

"To veto the entire budget is unprecedented," said finance director Michael Genest, addressing the conference through a phone hookup because he could not leave Sacramento during the budget turmoil. "We don't know what will happen here."

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