HONOLULU, OCT. 27 -- President Bush said here today he will sign the $492 billion deficit-reduction package passed by Congress even though he and many Republicans "gagged" on various provisions in the package.

"The budget blueprint represents corrective action on a pattern of federal spending gone out of control," Bush said shortly after the Senate approved the measure following months of tortuous negotiations.

"We have put on the brakes, and the process has sometimes been painful," he added. "But I will sign this legislation because, for the first time, it makes significant and long-term cuts in federal spending that should have a positive impact on America's economic future."

Bush expressed relief that the long fight, which left his party in disarray and targeted by Democrats as defenders of the rich, is over and repeatedly showed dissatisfaction with an agreement he initiated last May in calling the budget summit.

"I can't say this is the best thing that's happened to us since sliced bread or the elimination of broccoli," he said.

Bush said he had reluctantly accepted higher taxes, in violation of his 1988 campaign pledge. But he quickly picked up the no-tax rhetoric, saying he will campaign for Republicans by restating that philosophy. "Let me be clear: I'm not in favor of new taxes," he said.

He refused to be drawn into a discussion about the rebellion of House Minority Whip Newt Gingrich (R-Ga.), whose opposition to the first agreement helped sink it in the House three weeks ago, as well as his efforts to remove Edward J. Rollins as co-chairman of the National Republican Congressional Committee for urging Republican House candidates to oppose the president if necessary.

On the Persian Gulf, Bush said the deployment of an additional 100,000 troops "is to make clear to {Iraqi President} Saddam Hussein that his aggression will not stand."

Bush said he still sees no prospect for a negotiated settlement but that he is "hopeful" that the combination of economic sanctions and the multinational buildup in the gulf will bring about a peaceful solution.

"I'm told that the economic sanctions are taking hold . . . " he said, "and that is encouraging. I'm told that he {Saddam} now sees that he's up against a substantial force that clearly could prevail in any battle. So I'm hopeful that there will be a peaceful solution to this question. But there can be no preconditions. There can be no rewarding of aggression."

Bush was in Honolulu to raise money for the campaign of Rep. Patricia F. Saiki (R-Hawaii), who is running for the Senate against newly appointed Sen. Daniel K. Akaka (D) and to participate in a mini-summit with leaders of 11 Pacific island nations, where the environment was the principal topic of discussion.

The leaders are particularly worried about the destruction of chemical weapons stocks at a U.S. facility on Johnston Atoll in the Pacific. Bush was greeted by about 100 demonstrators outside the East-West Center near the University of Hawaii. One of their signs said, "Don't turn our Pacific into your cesspool."

Bush sought to reassure the island leaders that the destruction of chemical weapons stocks at the Johnston Atoll facility would be carried out safely and would be kept to a minimum.

The United States plans to use the facility to destroy existing stocks on the island and obsolete chemical weapons stocks found in the Pacific, as well as stocks being shipped from Germany. Together they represent about 3 percent of total U.S. chemical weapons stocks, an administration official said.

At the closing ceremonies for the meeting, Geoffrey Arama Henry, prime minister of the Cook Islands, pleaded with Bush to respect the region's environment. "This is all we've got," Henry said.

Bush also announced two new funds, totaling $300 million, to spur economic development in what he called the "Aquatic Continent" and expressed support for a drift-net fishing convention and negotiations to extend the South Pacific Regional Fisheries Treaty.

The participants included leaders from the Marshall Islands, Micronesia, Kiribati, Nauru, Fiji, Western Samoa, Papua New Guinea, Tuvalu, the kingdom of Tonga, the Solomon Islands and the Cook Islands.