Rep. David R. Obey (D-Wis.) said yesterday that he will propose a $1.5 billion cut in foreign aid for fiscal 1987 when the House Appropriations foreign operations subcommittee meets this afternoon.

Obey's proposed cuts would affect all military and development programs except aid to Israel, Egypt, Pakistan and Ireland. Other countries could face cuts of up to 50 percent.

Obey, chairman of the subcommittee, will propose $12.9 billion in foreign aid for fiscal 1987, 10.6 percent less than this year's appropriation of $14.5 billion. The Reagan administration has requested $15.4 billion, according to Obey.

Obey said he received full support from his fellow Democrats on the panel when he presented his plan Tuesday.

Under the proposal, most aid programs would be cut 9 percent across the board. Egypt, Israel, Pakistan and Ireland would receive more than they did this fiscal year, when the Gramm-Rudman-Hollings budget-reduction law forced cuts of 4.3 percent in the foreign aid program. "If I didn't add it back, somebody else would have," Obey said.

Obey's recommendation meets the 1987 congressional budget resolution. Obey said his goal is to comply with the Gramm-Rudman-Hollings legislation, which he said he had consistently opposed. "If they the administration want to protest these numbers, I suggest they look in the mirror and point the finger," he said.

Obey proposed $3.1 billion in economic support funds, a cut of $897 million from what the administration requested. Under both proposals, more than $2.2 billion would be reserved for the four countries. Obey's plan would leave $931 million for the rest of the world, whereas the administration requested about $1 billion more.

Obey also proposed a $1.3 billion cut in foreign military credit sales, although Egypt, Israel, Pakistan and Ireland again would be excluded. Egypt, Pakistan and Israel would receive roughly half of the $4.4 billion Obey seeks to appropriate. The administration proposed $5.6 billion.

Obey said the subcommittee will let the administration decide how to allocate funds not targeted to the four countries.

Under Obey's plan, several State Department programs, including international narcotics control and antiterrorist assistance programs, would receive the funds requested by the administration. Some international aid programs would benefit under the plan, including health assistance ($22 million more than Reagan requested) and the child survival fund ($25 million more).

Meanwhile yesterday, the House Foreign Affairs Committee voted to give the Philippines $250 million in fiscal 1986 funds immediately to help with its debts.