In a long, uphill battle, Massachusetts will hold fast to its plan to lower total borrowing over the next several years, according to state Treasurer Joe Malone.

"We will continue to ramp down so we can get borrowing under control," Mr. Malone said at a luncheon Friday sponsored by the Municipal Analysts Group of New York. In fiscal 1992, which started July 1, Mr. Malone said total GO borrowing is estimated at only $791 million, compared with an average $900 million over the last two years.

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