Stockman Furor

WASHINGTON--President Reagan rejected Budget Director David Stockman's tendered resignation yesterday after the two had a 45-minute meeting concerning Stockman's published statements experessing lack of faith in the Reagan administration's economic theories and policies.

Reagan summoned Stockman to the Oval Office in early afternoon to express his "grave concern and disappointment" over his budget director's December interview with The Atlantic Monthly, in which Stockman said he and others "didn't think it all through" and "didn't add up the numbers" for the administration's new economic program.

Stockman said at a later White House press conference that he regretted and withdrew his own "poor judgement and loose talk." "I deeply regret any harm that I've done," he said, adding, "I am grateful for this second chance to get on with the job the American people sent President Reagan to do."

Stockman offered his resignation "not withstanding his continuing commitment to the president's policies and programs," the White House release stated.

At the end of the meeting, the president asked Stockman to "stay on the team."

According to the official release, the president "expressed particular dismay at the possible suggestion that his administration--or any members of his administration--might seek to mislead the American public."

Stockman said he told the president he has "one purpose... and that is to dispel any notion" that he doesn't have faith in the Reagan Administration's economic policies.