BATON ROUGE, La. (AP) _ The Legislature convenes Monday for an 85-day regular session that could face a new surge of red ink and the political mine field of budget cuts during an election year.

Budget deficit projections for the current fiscal year range as high as $112, with the governor saying there could be a surplus.

If revenues do come up short in this state severely affected by the oil industry slump and lawmakers are unable to agree on how to trim state spending, Gov. Edwin Edwards says he's more than willing to do it for them.

Edwards has said he will again seek the broad budget-cutting power that lawmakers gave him last December when they couldn't agree on how to balance the budget during a special session.

''I'm going to ask them for authority to do what I was given the authority to do last year - that is, cut the budget later in the year if it develops that our revenue estimates were optimistic and liberal rather than conservative,'' he said.

Edwards projects that state taxes will bring in $3.95 billion for the new fiscal year beginning July 1, $144 million more than available for the current year. The remainder of the projected $6 billion budget will come from federal funds and self-generated money, the administration says.

Edwards said that with cuts made by executive order and by the Legislature, the current fiscal year will close with a $5 million surplus, a projection that is widely challenged.

''The governor's figures are way, way out, as far as I'm concerned,'' said Rep. Murray Hebert. ''It's sort of like hearing Walt Disney is still alive and finding out he's drafting the governor's budget.''

The Legislative Fiscal Office projects a $112 million deficit for the current fiscal year, while State Treasurer Thomas Burbank estimates a $64.8 million shortfall.

The Legislative Budget Committee has refused to accept any of the estimates.

''We will just have to wait until later in the session,'' said Sen. B.B. ''Sixty'' Rayburn, chairman of the budget committee. ''Hopefully, we'll have a better handle in May or June.''

Lawmakers are faced with an $880 million debt to the federal government for unemployment compensation and an unfunded $4.8 billion liability accumulated by state pension systems.

The state AFL-CIO has proposed a 1 percent payroll tax on most private employers and a 1 percent tax on employees to pay off the jobless benefits debt.

The Louisiana Association of Business and Industry has embraced the AFL- CIO's concept and both sides have been talking about presenting a unified proposal to lawmakers.

Observers say education issues will center around making sure public schools have enough money to make it through the year.

Slightly more than $1 billion will be needed to fund the Minimum Foundation Program, which channels money from the state to local school districts, said Lawrence Narcisse, director of government relations and political action for the Louisiana Association of Educators.

Edwards said he won't press legislators on the issues of casino gambling and a statewide lottery that he has proposed as a revenue booster.