President Bush is proposing a defense budget of $295 billion for fiscal 1992 that includes $4.6 billion for the Strategic Defense Initiative and money for four B-2 Stealth bombers, congressional sources said Friday.

If approved, the request for SDI would be $1.7 billion more than the $2.9 billion Congress and the administration agreed to last year. Approval for four B-2s would double the number Congress financed last year.The overall budget, a decrease of almost $4 billion from last year's amount, is the first Persian Gulf war budget that also reflects a downturn in defense spending.

The budget does not include any of the costs of the war and U.S. participation in Operation Desert Storm, which the Congressional Budget Office estimates could range from $28 billion to $86 billion.

Among the major terminations in the president's proposal, according to sources who spoke on condition they not be identified, are the Bradley Fighting Vehicle, the Trident submarine and the Air Force's Advanced Tactical Aircraft.

Last year's budget amounted to $298.9 billion in real spending and $285.6 in the authority given to the Defense Department for the budget.

Consistent with the levels set by the Bush administration and the Congress in the budget agreement reached late last year, real spending in the new budget is $295.2 billion while the authority totals $290.8 billion.

The budget follows the steep reduction of 25 percent in military personnel proposed by Defense Secretary Dick Cheney over the next five years, even through the war has forced the Pentagon to call up reservists and National Guard units.

Army divisions will be cut from 28 to 18 by fiscal 1995.