WASHINGTON - The Office of Management and Budget yesterday slashed its projection of the fiscal 1992 deficit by $66.2 billion to $333.5 billion, rendering obsolete the agency's record-shattering and much-quoted estimate of nearly $400 billion earlier this year.

Meanwhile, House Budget Committee Chairman Leon Panetta unveiled a long-awaited plan to eliminate the deficit by 1998 through a series of escalating, mandatory budget cuts and tax increases totaling $725 billion. The California Democrat and House leader had promised to come up with the plan after the defeat of the balanced budget constitutional amendment earlier this year.

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