SACRAMENTO - Lawmakers turned up the heat on Gov. Arnold Schwarzenegger on Wednesday, demanding to know what the Republican intends to do if voters reject a $15 billion bond on the March 2 ballot.

Democrats grilled a top administration official in an afternoon hearing in which they criticized Schwarzenegger's effort to root out government waste, fraud and abuse and his plans to cut higher education funding. They also wanted to know the governor's fall-back plan.

"If it happens, I want to be prepared for it," Assemblywoman Sarah Reyes, D-Fresno, said of the bond's possible defeat. "We've got to have a backup plan in case this earthquake comes through."

Schwarzenegger is convinced that the measure will pass and the administration will be ready for any outcome, said Mike Genest, the governor's deputy finance director. But when pressed, Genest said it's hard to plan for such a disaster.

"It's like what astronomers call a singularity, a black hole," Genest said of the crucial vote. "It's hard to think beyond it."

The remarks came on the same day the state's top fiscal officials -- Treasurer Phil Angelides, Controller Steve Westly and Donna Arduin, the governor's finance director -- met with representatives of two Wall Street credit-rating agencies. The state officials reviewed Schwarzenegger's proposed budget and the state's contingency plans with Fitch Ratings Inc. and Standard and Poor's.

The previously scheduled meetings, which are routinely held this time of year, came in the wake of a warning issued Tuesday by Moody's, another credit-rating firm. The company said the $15 billion bond is "central to the state's plan to remain solvent in the near-term" and if voters reject it, California could face a cash "liquidity crisis."

H.D. Palmer, a finance department spokesman, described the separate, two-hour sessions with Fitch and S&P as "thorough and straightforward."

California currently has the lowest bond rating of any state in the nation.

A Public Policy Institute of California poll conducted in early January found that only 35 percent of likely voters supported the bond, which is Proposition 57, and 44 percent intended to vote "no," while 21 percent were undecided. Schwarzenegger has campaigned heavily for the measure since then and on Monday said internal polling indicated support was growing.

The governor, who visited Walnut Creek last week to tout the bond, plans to make a campaign stop in San Jose this afternoon.

Meanwhile, Republicans and administration officials stepped up their criticism of Democrats for failing to act on $3.8 billion in immediate budget cuts Schwarzenegger called for more than two months ago.

The state has missed out on $50 million in potential savings so far and the number grows daily, Palmer said.

"There's no secret, there's no question, to the depth and scope of the fiscal problem we have," Palmer said. "This is like a family pushing aside household bills for months. These (cuts) have been there, they have been on the table since November."

The vice chairman of the lower house's budget committee -- Assemblyman Rick Keene, R-Chico -- accused Democrats of stalling and "caving to special interests."

"Californians spoke loud and clear during the recall election: Politics-as-usual has to stop now," Keene said.

Many lawmakers and staff say they doubt the Legislature will vote on the midyear cuts proposal before the March election.

The Assembly Budget Committee held its first hearing on the governor's 2004-05 fiscal plan Wednesday but did not discuss the recommended midyear reductions. That will come sometime in the future, said Assemblywoman Jenny Oropeza, D-Long Beach, the committee's chairwoman.

"There's no negative impact" to waiting, Oropeza said. "There's no danger of having a problem by taking a little time to be thoughtful."

Assemblyman Joe Canciamilla, D-Pittsburg, said there's no good excuse to delay.

"I don't know why we're not making midyear cuts," Canciamilla. "I don't know, and I'm not getting any decent answers back."

PROPOSED CUTS

Gov. Schwarzenegger's Proposed Midyear Cuts

Total Amount: $3.8 billion over 19 months.

• $1.6 billion in health and human services

• $1.1 billion in transportation

• $1.1 billion in other areas

When Recommended: Nov. 25, 2003

Legislative Action: None

For more details, go to www.dof.ca.gov