WASHINGTON - Treasury Department officials involved in tax-exempt bond policy were not shown President Bill Clinton's health-care reform plan and are beginning to raise concerns about its borrowing provisions, federal officials said yesterday.

In addition, some private analysts and federal officials warn that the plan could trigger an unprecedented spate of tax-exempt issuance and even result in a bond-financed bailout by the states of insolvent provider health groups, not unlike the savings and loan debacle.

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