Reagan vetoes $14 billion appropriations measure

President Reagan vetoed a $14.1 billion appropriations bill, setting up a new confrontation with Congress over how to manage the economy.

In a radio broadcast to the nation from his ranch here, Mr. Reagan said the bill, designed to provide funds to run the federal government for the rest of the year, would ''bust the budget'' and increase the deficit, thus slowing his promised economic recovery. The veto also creates problems for Reagan: It includes his much-vaunted $350-million Caribbean Basin initiative program, designed to provide massive aid to Central America and the Caribbean. Democratic lawmakers said they would push Congress to override the veto.