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Panel reviews plan to cut $80 billion from arms hike

A panel, made up of congressional Republicans and Democrats and White House representatives, is looking at a plan by Senate Budget Committee chairman Pete Domenici (R) of New Mexico to cut $80 billion from projected military spending in the next three years.

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But President Reagan, who called for the deficit-cutting panel in his State of the Union address, included $305 billion for defense in his $925 billion fiscal 1985 budget - a 13 percent increase after inflation. And his administration is not pleased with efforts, even by Republicans like Mr. Domenici, to cut it.

''We do not believe you can design a program that would serve our national objectives at that level'' of funding, White House spokesman Larry Speakes said.