WASHINGTON -- The federal budget deficit this fiscal year will be at least $50 billion less than the $318 billion projected by the Office of Management and Budget due to sharply lower outlays for the thrift bailout and the Persian Gulf war, Wall Street economists said yesterday.

However, most of that $50 billion will be spent in fiscal 1992, when the deficit could hit an all-time high between $300 billion and $320 billion and the excessive borrowing that results could put a mild crimp on the economic recovery, some economists said.

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