WASHINGTON - Borrowing by the states and regional health alliances under the Clinton health reform plan should be minimal, although the alliances may resort to emergency borrowing if, as some fear, their federal subsidies unexpectedly dry up, administration officials said yesterday.

In testimony before the Senate Finance Committee, Treasury Secretary Lloyd Bentsen said the alliances would be left "holding the bag" if the administration has miscalculated the amount of subsidies needed to finance universal guaranteed benefits.

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