NEWS ANALYSIS : White House Takes Risks With Whitewater Strategy : Inquiry: By invoking privileges, Clinton may win legal battle but lose political one. Senate panel expected to prolong fight.

With Whitewater investigations likely to continue well into next year’s presidential campaign, the White House has decided on a hard-line legal and public relations counterattack that carries serious political risks for President Clinton.

On the legal front, the White House is relying on executive privilege as well as lawyer-client confidentiality to justify withholding notes on a November 1993 meeting at which the president’s lawyers and aides discussed Whitewater.

The notes have been subpoenaed by the Senate Whitewater investigative committee, and White House aides fear that they will be demanded by special counsel Kenneth W. Starr as well. Today the committee will vote to enforce the panel’s subpoena for the notes. Panel Chairman Alfonse M. D’Amato (R-N.Y.) said that the full Senate would vote on the matter before adjourning later this month and that he plans to seek an expedited court review.

Republicans have suggested that the 1993 meeting, which occurred when several federal agencies were investigating the activities of Clinton associates in Arkansas, may have dealt with ways to cover up damaging facts and obstruct justice.

And such charges, whatever their substantive merits, create a politically dangerous problem for an already embattled president going into an election year.

Some sources who have seen the documents insist that they contain no incriminating revelations. They say that the president is invoking executive privilege because waiving it would open the administration to a massive fishing expedition by partisan investigators. Executive privilege is the constitutional principle that a chief executive can maintain the confidentiality of internal communication involving the legal pursuit of his duties.

Yet even if the meeting notes are innocuous and the White House is holding them back only to protect a larger principle, the failure to make full disclosure can raise voters’ suspicions. Already, political opponents and some newspaper editorial writers are using such Watergate-isms as “stonewalling” to describe Clinton’s reaction.

Said a former Clinton White House official knowledgeable about Whitewater: “The problem here is that the courts might ultimately sustain the president but politically it’s a loser.

“In cases like these, the political dimension quickly overwhelms the legal dimension,” said this source. He predicted that Clinton eventually would find a way to release the documents in some form while continuing to assert that they are protected by either attorney-client privilege or executive privilege.

The Senate panel revealed Wednesday that in addition to the notes of the Nov. 5, 1993, meeting, the White House has not turned over four other Whitewater-related documents:

* A draft chronology of the Whitewater saga prepared by the Clintons’ personal lawyer, David E. Kendall. It was drafted five days after the Nov. 5 meeting.

* A letter written Jan. 4, 1994, to the president from Washington attorney James Hamilton, who has represented the family of the late Deputy White House Counsel Vincent Foster and who worked for the 1992 campaign.

* A New York Times article from Dec. 20, 1993, with notations Clinton wrote in the margin.

* Undated notes of White House aide Joel Klein.

Democrats said that the Clintons have every right to invoke privilege in this matter, and they suggested that the Republicans should try to negotiate a compromise rather than move toward a court battle. D’Amato described the Clintons’ position as “extraordinary and troublesome.” Sen. Paul S. Sarbanes of Maryland, the committee’s ranking Democrat, accused D’Amato of trying to provoke a confrontation for political reasons.

The White House is more concerned that waiving confidentiality would open the door for Starr to seek notes and testimony from Clinton’s attorneys.

Lawyers, including White House Counsel Jack Quinn, have advised Clinton that he cannot waive the privilege for only one meeting. If he waives it once, he cannot reassert it on another Whitewater issue.

While the White House public relations campaign is aimed at explaining Clinton’s case and marshaling support for it, it also is designed to discredit D’Amato as a political enemy with ethical problems of his own--a ploy guaranteed to stir more controversy and criticism of the president.

Times staff writers John M. Broder and Sara Fritz contributed to this story.