Reagan for budget compromise

President Reagan, now apparently going all out to achieve a compromise with Congress on the 1983 budget, told a hastily called news conference Tuesday he would ''go the last mile'' to bring about an agreement, Monitor correspondent Godfrey Sperling Jr. reports.

Such a package must be ''balanced and bipartisan,'' the President said. He mentioned a phone call to House Speaker Thomas P. O'Neill (D) of Mass. earlier in the day--his first personal involvement in negotiations for the compromise--in which he indicated progress had been made. He stressed a compromise budget must be put together quickly to help lift the economy and stimulate employment.

Speaking of negotiations on the Falkland Islands, Mr. Reagan said he hoped ''to keep the process going,'' and urged ''restraint on both sides.'' He said he still hoped to have an informal meeting with Soviet President Brezhnev at the United Nations in June, despite initial negative reaction by the Soviets to that suggestion, but indicated he was open to a meeting later in the year, as the Soviets have suggested.