SANTA MONICA, Calif - Phil Angelides said on Friday that he would "do what is necessary" to erase California's nearly $4 billion accumulated deficit, including dedicating sales tax revenues to its elimination and placing income tax surcharges on California's highest wage earners.

Angelides, the Democractic candidate for California treasurer, made his comments during a keynote address Friday at the fourth annual California Public Finance Conference sponsored by The Bond Buyer.

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