The Reagan administration is predicting that the federal budget deficit for fiscal 1983 will reach or exceed a record $110 billion, Treasury Secretary Donald T. Regan said yesterday.</br></br>Interviewed on ?ÛÏPace the Nation?Û?! (CBS, WDVM), Regan disclosed that a revise^ midyear economic forecast due this week will estimate that the budget deficit for, fiscal: 1983, beginning Oct. 1, will be ?ÛÏsomewhere in the neighborhood of about $110 billion to $114 billion ?Û?</br></br>The review assumes that Congress follows through on the budget reconciliation process?ÛÓof cutting spending and raising revenue?ÛÓalready in motion, he said.</br></br>Regan said the updated review will forecast that the deficit ?ÛÏstarts coming down?Û? in later years, to over $90 billion in fiscal 1984, and around $70 billion in 1985.</br></br>Last February, the administration projected a fiscal 1983 budget defi cit of $98.6 billion, at least $11.4 billion below the estimate that Regan said?Ûª will be produced this week.