Montgomery College, the largest community college in Maryland and one of the nation's most esteemed two-year institutions, is reeling at the dire budget plan released yesterday by the county executive. Isiah Leggett (D) proposed a $4.3 billion spending plan that "cuts the total government budget for the first time in more than 40 years," according to my colleague Michael Laris. Montgomery College, which relies on the county for nearly half of its budget, faces a 12-percent reduction in county funds, and $14.5 million less than requested.