WASHINGTON -- A newly uncovered error in the Treasury's estimates of tax revenues will drive up the deficit by $216 billion over the next five years and wipe out almost half of the $496 billion in savings contained in last year's budget pact, the Senate Budget Committee said yesterday.

The error was revealed when the Office of Management and Budget released its revised deficit forecast of $348 billion for fiscal 1992 on Monday tht contained a correction in the revenue estimates, the committee said.

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