May 1, 1982

Britain's air and sea blockade of the Falklands began today with ships of the British battle fleet reported in place around the islands in direct challenge to Argentina. The fleet movements were reported by Western military sources here and in London. But the informants said that Argentina and Britain appeared to be waiting for each other to fire first to avoid being accused of starting a war. Military sources here said British destroyers took positions between the Falklands and Argentina on Thursday, hours before the scheduled beginning of the blockade.

American bankers, who have lent Argentina about $9.2 billion, said yesterday that their relationship with Buenos Aires had become far more precarious as a result of the American decision to impose economic sanctions on that country. Although many described the sanctions as mild, they did not disguise their concerns about getting repaid on time. The bankers' concern was reflected in the gold market yesterday, where prices seesawed in reaction to every Falklands rumor. After swinging by more than $30 an ounce, gold ended the day on the Commodities Exchange in New York at $346.50 an ounce, down $14 from Thursday. (Page 33.)

British officials have told the United States that the fleet near the Falkland Islands could sustain operations for 90 days, and the Pentagon has therefore not made contingency plans for resupplying it, Administration officials said today. Secretary of State Alexander M. Haig Jr. said in his statement on the crisis this morning that ''the President has directed that the United States will respond positively to requests for materiel support for British forces.'' ''There will, of course, be no direct United States military involvement,'' he added.

President Reagan met with Republican Congressional leaders today to plan budget strategy amid predictions that Congress would find it extremely difficult to adopt a budget for the next fiscal year. The White House meeting led to a general agreement to use $182 billion as the projected deficit without new taxes or spending cuts in 1983, according to one of the participants. This figure will become the starting point for both sides' proposals on reducing the deficit. Both White House and Senate Budget Committee officials said that the committee was unlikely to approve any reductions in cost-ofliving increases for Social Security, and such reductions are not expected to be approved by the House Budget Committee.

The Tribune Company of Chicago said yesterday that it was ending its effort to sell The Daily News and that it would continue to operate the New York newspaper, which it had threatened three weeks ago to close. The company gave no reason for the sudden about-face. It came after more than four months of concern among readers, advertisers and employees over the future of The News, a morning daily whose circulation of 1.5 million copies is the largest of any generalinterest newspaper in the country. Stanton R. Cook, president of the parent company, told union leaders that they would still be required to negotiate cost cuts to put the paper back in the black. He said, however, that if those talks, due to start next week, were successful, the Tribune Company would invest ''a substantial amount'' in the paper.