Despite deep cuts in Gov. Arnold Schwarzenegger's proposal to bridge the state's $14.5 billion deficit, about half of his budget-balancing plan involves borrowing money, deferring debt payments and the counting future tax revenue, according to a report released today by the nonpartisan Legislative Analyst's Office.

The governor is proposing to issue $3.3 billion in bonds, delay payment on debt worth $1.5 billion and shift $2 billion of tax revenue that would otherwise be counted in the 2009-10 fiscal year to the coming fiscal year, which begins July 1, the report said.