WASHINGTON -- State governments, already financially strapped, may lose more than $5 billion in 1992 as a result of the federal government's attempt to close what it calls a loophole in the Medicaid program, a National Governors Association official said yesterday.

"This will have a greater financial impact on states' fiscal situation than any single thing Washington has done recently," said Jim Martin, director of the office of state-federal affairs for the governors group. He was referring to a rule issued by the Health Care Financing Administration this week that will disallow certain types of state funds that had been eligible for federal matching funds under the Medicaid program.

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