SANTA MONICA, Calif. - Matt Fong, the Republican candidate for treasurer of California, yesterday endorsed a plan to erase the state's $3.7 billion accumulated deficit by issuing deficit-reduction revenue bonds backed by state-owned oil reserves.

The issuance of revenue bonds would immediately generate $500 million to $800 million in revenues earmarked toward reducing the state's annual carryover deficit, Fong said.

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