August 1, 1983

Record Federal budget deficits threaten to make the economic recovery a short one, some of the nation's governors warned today. ''If we're not willing to face up to some tax increases pretty soon, we might as well kiss the recovery goodbye,'' said Gov. Scott M. Matheson of Utah, chairman of the National Governors' Association. ''It'll be a blip on the screen.'' Mr. Matheson, a Democrat, spoke at a news conference opening the association's annual meeting.

Corporate profits, which were dismal a year ago, recovered strongly in the second quarter, although sectors as diverse as steel and home electronics tarnished the overall picture. Among the major American companies reporting a strong surge in earnings from a year earlier were those in automobiles, oil, paper and retailing. Many benefited from increased consumer spending, lower interest rates, moderating wages and a reduction in fixed costs.

For Jack Tramiel, the losses at Texas Instruments' home computer division are sweet revenge. By most accounts, Texas Instruments nearly drove Mr. Tramiel's company, Commodore International Ltd., into bankruptcy eight years ago. The Texas company, which had supplied computer chips to Commodore for its hand-held calculators, suddenly decided to make its own calculators, and it used its impressive manufacturing ability and its control over parts prices to help drive Commodore out of the market. Mr. Tramiel, Commodore's chief executive, ''swore he would never again get caught without his own manufacturing ability,'' said Peter Wright, a computer analyst with the Gartner Group in Stamford, Conn. ''And he never did.''

Shearson/American Express, the big Wall Street investment house, said yesterday that it had offered to buy the Government's rights to 14.4 million shares of the Chrysler Corporation, but that the Government had rejected the offer. Other Wall Street firms, meanwhile, were thought to be considering offers of their own. The Government obtained the rights three years ago when it agreed to guarantee up to $1.5 billion in loans to the auto producer. The warrants represent 9 percent of Chrysler's stock outstanding.

The acute shortage of blood in the New York metropolitan area has eased, the director of the Greater New York Blood Program said yesterday. The director, Dr. Johanna Pindyck, said her organization was no longer asking hospitals to postpone any nonemergency surgery because of a lack of blood for transfusions. However, the supply of some types of blood is still at a ''precarious'' level, Dr. Pindyck said. ''If in one day a very large use occurred, we would still be in a perilous position,'' she said.