Puerto Rico Gov. Luis Fortuño, who lost his bid for re-election, said Tuesday that during his four-year term in office, which is now ending, he slashed by 90 percent the budget deficit that he inherited from his predecessor Anibal Acevedo Vila.

"Everyone who has seen our budget report of seven or eight months ago will see that we presented a budget and said that we eliminated 90 percent of the deficit and that 10 percent remained to be eliminated, or $333 million," Fortuño told reporters.

His words came after members of Gov.-elect Alejandro Garcia Padilla's transition team said the new administration could find itself with a cash-flow problem.

Team member Alberto Baco said that the disparity between estimated and real revenues will cause a cash-flow problem at some time during the first quarter of 2013.

The Nov. 6 election for governor were won by Garcia Padilla with 47.85 percent of the vote compared with 47.04 percent for Fortuño.

Garcia Padilla will take office on Jan. 2, 2013.

The gubernatorial election coincided with a non-binding referendum on the political relationship of the island with the United States, in which 54 percent of the electorate voted "no" to Puerto Rico's current commonwealth status. EFE