CHICAGO — Illinois Gov. Rod Blagojevich yesterday outlined $1.5 billion in possible budget cuts he intends to make if the House fails to approve by July 9 a revenue package - including a $34 billion capital budget and a plan to sell $16 billion in pension bonds - to help balance the fiscal 2009 budget.

The Senate approved the measures in a revenue package before adjourning late last month, but the House approved a $59 billion spending plan for the fiscal year that begins July 1 without acting on the package, leaving a roughly $2 billion hole in the budget.

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