BOSTON--The Legislature passed a deficit-reduction plan yesterday that Democratic leaders said gave Gov. William F. Weld '66 the power to balance the budget, but Weld said the measure fell $150 million to $300 million short.

The state faces a deficit of $850 million, some of which the Republican Weld proposed to erase through administrative action and some of which required legislation.

Senate Ways and Means Committee Chair Patricia McGovern (D-Lawrence) said the package approved by the House and Senate was worth $427 million, while Weld's budget analysts placed its value at $317 million.

In addition, Weld said the plan may jeopardize more than $140 million in savings he had planned to do administratively.

"They didn't give us all we wanted. They gave us about half a loaf, which is better than no loaf at all," Weld said.

But McGovern and House Ways and Means Committee Chairman Thomas Finneran (D-Boston) said the plan gave Weld all the power he needs, and more, to bring this year's $13.9 billion budget into balance.

"What I maintain today is we've given him the tools and he can solve the problem," McGovern said.