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Don't write off Reagan's ''new federalism'' yet.

Despite recent headlines to the contrary, legislation to support the administration's proposed swap of responsibilities with states -- Washington to take on medicaid costs in exchange for state funding of most other welfare - is still being drafted. True, the pace of negotiations has slowed and many state and local officials remain less than thrilled about the whole idea. But the talks could yield a workable proposal.

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The White House apparently has given yet another concession. To smooth passage by Congress, the administration has agreed that Washington will fund the food stamp program. Whether this will make a crucial difference when the proposal reaches Capitol Hill sometime in May remains to be seen.

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