05:11 PM ET (Updates with background, comments) SAN FRANCISCO, May 13 (Reuters) - California Gov. Arnold Schwarzenegger, citing better-than-expected revenues, unveiled a revised state budget on Friday for the coming fiscal year that would raise spending to $115.7 billion and plug a shortfall estimated to have narrowed to $4 billion. Schwarzenegger also said he no longer sees the need for issuing debt, including $1.7 billion in economic recovery bonds, to balance the state's books. His initial spending plan issued in January for California's 2005-06 fiscal year totaled $111.7 billion and aimed to balance the budget by closing a shortfall then...