The report of the congressional investigation into the Iran-contra affair places Vice President Bush at one of the first meetings on the Iran arms sales at which other Cabinet members voiced objections to the deal as a trade of arms for hostages.

Bush, the front-runner for the 1988 Republican presidential nomination, has said previously he did not know of the objections by Defense Secretary Caspar W. Weinberger and Secretary of State George P. Shultz because he did not attend meetings at which they were expressed.

Craig L. Fuller, Bush's chief of staff, yesterday questioned whether the congressional report is correct. "These meetings took place more than two years ago. We have provided all of the facts we have available to us and neither our records nor recollections suggest the vice president participated in that particular meeting," Fuller said.

The congressional report cites a "White House log" showing that Bush attended the Aug. 6, 1985, meeting on the Iran arms sales with President Reagan, Shultz, Weinberger, then-national security adviser Robert C. McFarlane and White House chief of staff Donald T. Regan.

McFarlane also testified last spring that Bush was among those who met with Reagan in this time period.

At the Aug. 6 meeting, McFarlane "reported that the Iranians wanted a dialogue with the United States and 100 TOWs {antitank missiles} from Israel in return for which four hostages would be released," according to the congressional report.

"McFarlane also said that the United States would be able to deny any connection to or knowledge of the sale, a suggestion the secretary of state regarded as untenable," the report adds. "Secretary Shultz told the president that it was a 'very bad idea' and that despite the talk of better relations, 'we were just falling into the arms-for-hostages business and we shouldn't do it.' "

"Secretary Weinberger also opposed the sale," the report states. "He and Secretary Shultz argued that the initiative would not work, and that the sale would contradict the U.S. efforts to persuade other countries to observe the embargo." This was a reference to the arms embargo against Iran. "None of the witnesses recalls the vice president's position," the report says.

The Tower special review board, which issued its report last February, said neither Bush nor McFarlane was certain about the vice president's participation in the Aug. 6, 1985, meeting. McFarlane recalled to the Tower board that Reagan, who was convalescing from cancer surgery, was wearing pajamas, and the meeting later became known as the "pajama meeting."

Bush has said he was unaware of the objections of Shultz and Weinberger. In an August interview with The Washington Post, Bush said, "If I'd have sat there and heard George Shultz and Cap expressed it strongly, maybe I would have had a stronger view. But when you don't know something, it's hard to react . . . . We were not in the loop."

Bush made a similar statement in his recently published autobiography, "Looking Forward," saying he did not learn of the whole picture of the Iran initiative until last December.

Bush has said he had his own "misgivings" about the lack of U.S. control over an initiative that was being carried out by Israel.

"In retrospect there were signals along the way that gave fair warning that the Iran initiative was headed for trouble," he said. "As it turned out, George Shultz and Cap Weinberger had serious doubts, too. If I'd known that and asked the president to call a meeting of the NSC {National Security Council}, he might have seen the project in a different light, as a gamble doomed to fail."