February 7, 1982

Reviewing President Reagan's budget proposals for fiscal 1983, unceremoniously unwrapped by the White House yesterday, it was Republicans who were glumest. Last year had given them the Program for Economic Recovery. Next year, Mr Reagan says, will come the New Federalism Initiative. This year is an awkward moment in Federal revenues, Federal spending and that yawning gap in between, the Federal deficit, that last week the Administration took pains to finesse. Friday, as Mr. Reagan's chief political adv isers repaired to Camp David for a huddle on how to protect the Pres ident against political damage from the declining economy, budget dir ector David A. Stockman took to Capitol Hill to distribute advance co pies of the Administration's balance sheet and to exhort on difficult choices. Asfor Mr. Reagan, he lobbied the ''new federali sm'' with Congressmen who were once state and local officials and p repared for a swing tomorrow through the Middle West to rally the program on. (The selling of the swap, page 5.) Yesterday, the Administration diminished what was left of the ritual of bud get presentation, lifting the press embargo on the documents Mr . Stockman had passed out.

President Reagan, facing skepticism in both parties, released a Budget Message today urging Congress to ''stay the course'' by shrinking the social responsibilities of the Government while expanding the nation's military strength. As outlined in the budget for the 1983 fiscal year, which begins Oct. 1, the President's fiscal and economic strategy contemplates continued monetary restraint, brisk reductions of inflation and a slow decline of unemployment. The budget, whose details were disclosed Friday by Congressmen and Administration officials, projects a 4.5 percent rise in total spending to $757.6 billion and a deficit of $91.5 billion. Congressional Democrats criticized the budget as ''unfair'' and ''unworkable,'' and many Republicans expressed shock at the size of the projected deficit. (Page 28.)

A house is an asset that can be bought and sold, but it can also be traded. Ditto the condominium and cooperative apartment. Swapping houses for vacation purposes is hardly a new phenomenon. Those who operate as intermediaries in such exchanges say that they are constantly growing. This is the time of year when arrangements for the summer months are normally set in motion. Accordingly, Americans across the country who are familiar with the process are deep into an examination of the possibilities. The choices are broad, ranging from city apartments to castles in Spain, cottages in Ireland, and seaside villas in the Canary Islands or the Bahamas. Judy and Francis Furton, retired schoolteac hers from Detroit who now live in Guadalajara, Mexico, are a couple with long experience inhouse swaps. They have been exchanging with h omeowners in the United States and overseas for 20 years, they said b y telephone from Guadalajara, and this year they plan to swap again.

TRENTON HIS EIGHT years in office, Fred G. Burke, New Jersey's departing Commissioner of Education, said, were characterized by ''possibly the most sweeping'' changes in education law ''in the last quartercentury.'' ''Change under the best of circumstances is always controversial,'' Dr. Burke said in explaining, in part, the controversy that whirled around him during his tenure. The 56-year-old Commissioner was the target of frequent criticism by Governor Kean during the recent gubernatorial campaign. After the election, he was asked to relinquish his $53,000-a-year post before the expiration of his statutory term in June. He will resign as of March 31.

The Islanders' ran their winning streak to eight games, a club record, tonight with an easy 6-2 vi ctory over the Detroit Red Wings. Mike Bossy ended his scoring slump with three goals as he led the Islanders to their ninth straight victory at Nassau Coliseum. Bossy, who has 39 goals, also had two assists, giving him 88 points. John Tonelli, one of Bossy's linemates, had a pair of goals and two assists, and Bryan Trottier, who centers that line, contributed a short-handed goal and two assists. The three, who will represent the Islanders in the National Hockey League All-Star Game, Tuesday, produced a total of 12 points.