House Budget Committee Chairman William H. Gray III (D-Pa.) has used just about every rhetorical weapon to lambast Reagan budget policies. Now, with Reagan going on the road to hammer the "tax-and-spend" Congress for creating the nation's deficit problems, Gray is trying a new medium: music.

Gray's inspiration came from Reagan's defense of his call for a balanced-budget constitutional amendment and line-item veto authority. When Democrats derided those proposals as shopworn, Reagan declared them "oldies but goodies."

To make the point that Reagan has never submitted a balanced budget, Gray released his version of White House hits. They were leaked, he said, by "a White House moderate -- and there are fewer of them in the White House than in Iran."

Among the songs, and lyrics: "The Greatest Spender" (to the tune of "The Great Pretender").

Oh, yes, I'm the greatest spender,

Pretending I'm not, but I am.

I blame Congress

When I speak to the press

But my budget's no more than a sham.

Oh, yes, I'm the greatest spender,

The secret is all in the sell.

My need is such,

'Cause I spend too much.

They're my deficits but I'll never tell.

They're real, but to me they're like make believe,

They're real, but I feel that I still can deceive.

Oh, yes, I'm the greatest spender,

I'm spending us into the ground.

I borrow and spend

And then I pretend

My deficits are coming down,

Pretending that they're coming down.

And there's "We Owe the World" (to the tune of "We Are the World").

We owe the world,

We owe our children,

We are the ones who want to spend

And want to keep on spending.

We owe the world,

We owe a fortune,

We owe so much,

We're talking mega-bucks

Because we keep on spending.

There's a choice we're making,

We're choosing not to pay.

It's true that we're a credit risk,

But that's okay.