LOS ANGELES - The California Senate yesterday approved a basic budget agreement, paving the way for a deficit borrowing by the state and a $2.6 billion transfer of property tax revenues from various local governments.

The Senate produced a bare minimum two-thirds vote for budget passage after negotiating into the wee hours Tuesday. The Assembly approved a similar version on Monday. The Senate's action allowed the Assembly to begin working yesterday on trailer bills that actually implement the fiscal 1994 budget.

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