P121 CEEFAX 121 Thu 23 Jun 20:04/31       US RECOVERY "PROGRESSING"  US Treasury Secretary Mr Donald Regan has said the US economic recovery is progressing well, but he warned that recovery should not be jeopardized by increases. He admitted that large budget deficits were a problem, but said they had grown because government spending had increased more rapidly than revenues over the past 20 years and not because taxes were not high enough. * Speaker Mr Thomas O'Neill expects the House of Representatives to pass both the compromise 1984 budget plan and a separate bill putting a $700bn ceiling on July's income tax cut on Thursday.