AUGUSTA – Gov. John Baldacci said Friday he’s reassessing a major state borrowing package as the state faces prospects of an economic body blow as a result of the military base closings recommended by the Defense Department.

Baldacci said he is open to changes in a bond package he presented to the Legislature earlier this year, and left open the possibility it could be dealt with in part during the current session and part later.

Earlier this year, Baldacci proposed a $197 million bond package, which would provide funds for land acquisition and conservation, highways and bridges and a statewide biomedical research and development fund. In the meantime, he has signed a $5.7 billion two-year state budget that will not increase broad-based taxes but will borrow nearly $450 million.

Without using any figures, Baldacci said Friday he is willing to discuss changes in state borrowing figures proposed so far, given the new economic realities posed by the proposed closing of Portsmouth Naval Shipyard in Kittery, deep personnel cutbacks at Brunswick Naval Air Station and closing of the Defense Finance and Accounting Center in Limestone.

The total of direct and indirect losses if the curtailments go through comes to $465 million a year in Maine alone, according to preliminary administration figures.

“This is an important moment in Maine’s history when so much is at risk,” Baldacci said during an informal briefing with reporters. “The ripple impact of this is going to be devastating.”

Sen. Peggy Rotundo, a Lewiston Democrat who co-chairs the Appropriations Committee, said the budget-reviewing panel has begun discussions focusing on changes in the bond proposals, including the general obligation package and those that are part of the newly approved budget. Lawmakers could modify the $450 million in borrowing already authorized when they pass a supplemental budget in the weeks ahead.