SACRAMENTO - State Treasurer Phil Angelides, a leading critic of Arnold Schwarzenegger's plan to borrow $15 billion, accused the governor Tuesday of running a deceptive campaign for the ballot measure.

In a noon speech to reporters, Angelides said Schwarzenegger has misrepresented Proposition 57 on Tuesday's ballot. He also said the governor has presented Californians with a poor choice of saddling the state with $4 billion in borrowing costs if the proposition passes or harsh program cuts if it doesn't.

California would face an approximately $26 billion deficit next year if Proposition 57 is rejected and courts strike down an alternative borrowing plan now under legal challenge. For the governor's bond to take effect, voters must pass both Propositions 57 and 58, a companion measure requiring balanced budgets.

Schwarzenegger has said Proposition 57 would consolidate the state's past debt and does not include new borrowing. But the governor's spending plan for 2004-05 counts on using $3 billion from the bond, and that is evidence of new borrowing, Angelides said.

``The pure fact is the facts don't square with what he says,'' Angelides said.

Todd Harris, spokesman for the Yes on 57 and 58 campaign, said the treasurer is mistaken. The $15 billion covers only past debt, including some incurred this fiscal year, he said.

Angelides' motives are suspect because he is one of a group of Democrats expected to run for governor in 2006, Harris said.

``The treasurer is caught in a time warp of the kind of attack politics that most of the rest of Sacramento has already moved beyond,'' he said.