The Congressional Budget Office warned Congress yesterday that the Federal Deposit Insurance Corp. will run out of money by the end of the year because the economy has slipped into a recession that is rapidly driving up the cost of bank failures.

Only hours before President Bush pledged his support for banking reform last night, the CBO predicted the FDIC will have to spend a record $13 billion cleaning up failed banks this year and will need to pay out $30 billion by the end of 1993 -- about $9 billion more than was projected only last September.

CBO Director Robert Reischauer told the Senate Banking Committee that the economy's condition is turning out to be more serious than predicted. As a result, more banks will fail and the cost of those failures will increase.

To keep the FDIC from running out of money, Reischauer said, "There would appear to be little alternative to calling on the resources of the Treasury -- that is, the taxpayers."

In his State of the Union address last night, the president spoke to the larger issue of banking reform but said nothing about the distress in the fund that protects the millions of Americans whose savings are the bedrock of that system.

Bush said the administration will soon present details of "a banking reform plan to bring America's financial system into the 21st century -- so that our banks remain safe and secure and continue to make job-creating loans for our factories, businesses and home buyers."

Bush drew applause from Congress when he said, "I do think there has been too much pessimism. Sound banks should be making more sound loans, now -- and interest rates should be lower, now."

The White House had been expected to disclose details of its long-awaited banking proposals in the State of the Union speech, but Treasury Department officials have yet to work out key elements of the plan, now set for release early next week.

Before the administration can tackle long-range banking reform legislation, however, it will have to deal with the immediate threat that the FDIC will not have enough cash to pay off depositors of banks that fail. Treasury and FDIC officials are scheduled to discuss ways of refinancing the FDIC tomorrow at a "banking summit conference" called by the American Bankers Association and four other trade groups.

The banking associations already have been meeting to try to develop a plan to deal with bank problems without turning to taxpayers for help.

The CBO projections, which closely parallel estimates from the White House Office of Management and Budget and the FDIC, are based on a relatively mild recession, ending by the middle of this year, Reischauer said. If the recession gets worse, the cost of bank failures could grow by $7 billion to $37 billion, he added.

Even if the premiums banks pay for deposit insurance are raised substantially, the FDIC will still not have enough cash to cover the bank failures expected in the next few years, the CBO director said.

Reischauer suggested the FDIC be given the authority to borrow several billion dollars from the Treasury, but that, he said, would amount to a "back door" bailout by the taxpayers.

The taxpayers won't like that idea, warned Sen. Richard C. Shelby (D-Ala.), who said, "They don't want to bail out the banks, they don't want to bail out the savings and loans."

Shelby and several other banking committee members said the projections of growing FDIC losses and the need for more money sound all too much like what Congress was being told in the years the S&L crisis was developing.

"We are not ... saying this is a black hole of the type that developed in the 1980s with the savings and loan industry," Reischauer said.

But Banking Committee Chairman Donald W. Riegle Jr. (D-Mich.) said he, too, is skeptical of the estimates. "If I had to make a bet right now," Riegle said, "I'd have to be inclined to think it'll probably be more severe than what it looks like. Every single forecast we've had in that area over the last decade has ... come in on the short side."

Reischauer said CBO economists calculate that at the rate banks are failing now, the FDIC's bank insurance fund "would almost disappear by the end of {fiscal year} 1991" on Sept. 30, "and the fund would be insolvent by early in fiscal year 1992." He said the FDIC will have only about $1.4 billion left by the end of the fiscal year in September and will probably go through that money by the end of the calender year.