Budget director David A. Stockman, in an unusually blunt, closed-door session with business leaders, has warned that unless President Reagan and Congress agree to raise taxes or massively cut spending, the federal deficit likely will remain in the $200 billion range through 1988.</br></br>Even the austere budget approved by the Senate, and endorsed grudgingly by Reagan, ?ÛÏwould mean nearly $200 billion deficits each year?Û? unless the economy outperforms the expectations of the nation?Ûªs 50 leading business forecasters, Stockman said in a June 5 speech to directors of the New York Stock Exchange.</br></br>The administration is relying on its more robust economic forecast in asserting that the Senate plan would almost halve the current deficit by 1988.</br></br>?ÛÏAs a policy matter, it is obvious enough that to close this threatening $200 billion budget gap we must either massively cut spending or raise taxes by large, unprecedented magnitudes?ÛÓor by the lights of some, enact a sweeping mixture of both,?Û? See STOCKMAN, A10, CoL 1</br></br>Office of Management and Budget spokesman Edwin L. Dale Jr. released the speech after Reagan and Stockman became angered by an account of it in yesterday?Ûªs New York Times, headlined: ?ÛÏStockman Says Tax Increase May Be Best Budget Solution.?Û?