More Than Three R's In his speech at midday, Mr. Bush said his Administration envisioned "tradition-shattering reform in five areas."

The Administration apparently envisions a sustained commitment to the rebels, or contras, as they are known.

THE Administration envisions the program, which would cost nearly $500 billion over 15 years, or $33 billion a year, as offering $100 grants to workers to start accounts.

The Administration contends that its proposal can reduce litigation costs, but does not envision huge savings.

The Administration envisioned "a nation and the global community empowered with the science-based knowledge to manage the risks and opportunities of change in the climate and related environmental systems."

Mr. Fitzwater, in turn, praised the Panamanian military and said the Administration envisions its "playing an important and constructive role under a civilian regime."

But Mr. Cohen signaled today that the Administration now envisioned building a system, if one proves feasible, by 2005, a delay of two years from the Administration's previous timetable.

In response to questions, Mr. Eagleburger said the Administration did not envision relocating the contras in the United States.

The Administration envisions Federal budget deficits totaling $1.5 trillion from 1992 through 1997.

That would represent the most sweeping reordering of the banking industry since the Great Depression but would be far narrower than the Administration or many financial executives had envisioned.