WASHINGTON -- The state and regional health-care purchasing alliance that would be formed under the legislation President Clinton sent to Congress yesterday would be required to finance their cash shortfalls with taxable, rather than tax-exempt, borrowings.

The White House's 1,300-page bill detailing the massive plan also contains a provision that some financial analysts contend could force states to use billions of dollars of tax-exempt bonds to bail out failed health plans formed by doctors and hospitals to provide guaranteed health benefits.

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