SANTA FE, N.M., NOV. 24 -- Two key Republican architects of the latest federal deficit-cutting plan said today the new proposal is so feeble that the time has come to take the deficit issue away from Congress and entrust it to a nonpartisan commission of fiscal experts.

In a speech to the Republican Governors' Association meeting here, Senate Minority Leader Robert J. Dole (R-Kan.) proposed creating a "National Economic Commission" to produce a detailed blueprint for balancing the federal budget that would go to Congress after the 1988 elections.

Sen. Pete V. Domenici (N.M.), the ranking Republican on the Senate Budget Committee, endorsed the commission idea. Using identical language, Dole and Domenici said a blue-ribbon commission could "give Congress some cover" to make decisions on taxes and spending cuts that have proven impossible because of political fears among the members. As Dole noted, the deficit commission idea had been brought up earlier by New York's Democratic governor, Mario M. Cuomo. But the notion received fairly broad support among the two dozen Republican governors here. "I'd like to see all the {presidential} candidates support this," said New Mexico Gov. Garrey Carruthers.

Two of Dole's rivals for the 1988 GOP presidential nomination who were here, however, expressed no enthusiasm about the commission plan.

"I don't favor the idea right now," said Vice President Bush. "The idea of a commission after the {1988} election makes good sense to me. . . but now the candidates ought to be telling the American people what they would do {about the deficit}."

"It's basically a terrible idea," said Rep. Jack Kemp (R-N.Y.). "It's going to be a bunch of corporate tax-raisers like {investment banker} Pete Peterson and {economist} Ravi Batra, who have nothing but disdain for the American taxpayer."

One reason that several of the GOP governors at the meeting in this charming adobe-and-tile city seemed to reach out to the commission plan was their disgust with the $30 billion deficit-reduction plan that congressional leaders and President Reagan settled on last week.

"Nobody can say anything very favorable about this piece of paper," said New Hampshire Gov. John H. Sununu. "But it's the only thing we've got, so we'd better take it as a first step."

The governors unanimously passed a resolution calling for congressional support of the plan, but only as a "first step" toward a broader deficit reduction.

Of the three presidential hopefuls here, Dole was the only one with anything nice to say about the deficit plan. And his comments were restrained. "It may not be the best, it may not be all we wanted, but the world is nervously watching to see if we have the will to meet even this test," he said.

Kemp lambasted the deficit plan: "It's a hoax," he said. "It's smoke and mirrors. It's a tax increase and a defense cut. It's an embarrassment." He added that economic growth is "the only solution to the deficit" and that Congress' role should be to find initiatives that enhance economic growth.

In his speech to the GOP governors and in answers to their questions, Bush failed to say a single word about the new deficit plan. When reporters pursued the point later, he said, "There's plenty wrong with it. . . but we have to {pass} it now."

Dole said he has discussed the "National Economic Commission" proposal with members of Congress from both parties and with White House chief of staff Howard H. Baker Jr. and has received "a pretty favorable response on it all around."