California faces its worst fiscal crisis in decades. The state's general obligation bonds, rated triple-A a year ago, now stand at double-A and could decline further this summer unless state leaders quickly agree on a new budget.

A lingering recessionand the loss of more than 600,000 jobs have battered state tax revenues. Current estimates show a comnined budget deficit of at least $8 billion for the current fiscal year and the one ending on June 30, 1993.

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