A bond syndicate yesterday slammed the brakes on the pricing of New York City's $1.21 billion refunding issue, delaying the sale until today because they feared the market would be roiled by news that the state's budget gap for fiscal 1993 could be $3.6 billion or higher.

A spokesman for the state's budget division yesterday said the state's budget gap for fiscal 1993, which had been estimated to be about $1.8 billion in July, "could more than double." That would mean the fiscal 1993 gap would be at least $3.6 billion.

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