House-Senate unit moves fast on reconciling budget

House-Senate conferees split their differences and agreed on a compromise $ 695.4 billion budget embracing President Reagan's deep spending cuts. The panel met for only four hours before reaching agreement on the budget for fiscal 1982, which begins Oct. 1.

Sen. Pete V. Domenici, chairman of the Senate Budget Committee and head of the joint panel, said the measure should reach the House and Senate floors for approval next week.

The conferees' agreement was a compromise between the House's $688.8 billion plan and the Senate's $70 0.8 billion blueprint.