President Clinton's budget proposal is undergoing close scrutiny by M.B.A. students at UC Davis who will present their analyses in class on Thursday, March 11. The 85 students are reviewing the actual proposal, along with much of the supporting documentation from the Congressional Budget Office as well as information from public accounting firms on the impact of proposed taxes. "My challenge to the students was to develop a better budget than Clinton's that included both spending cuts and tax increases," says Richard Castanias, an associate professor in the Graduate School of Management. "By obtaining congressional budget worksheets, the students have had the ability to number crunch and create a potentially more effective budget." Preliminary reports suggest to the professor that many of the students don't think the president's cuts went far enough. However, most seem to accept the tax increases proposed by the Clinton administration.