Word: billion
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Dates: during 1950-1959
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Urge v. Surge. Income and outgo, the President announced, will run "in the general area" of $77 billion (TIME, Dec. 29) -an outgo some $2 billion below this year's spending level of $79.2 billion. The Defense Department will actually get an unspecified bit more than the $40.8 billion it is spending this year. "Reductions in total spending," said the President hopefully, "will be achieved in part by reason of the ending of temporary programs in agriculture, unemployment insurance and housing...
...with this year's income estimated at $68 billion, where would next year's $77 billion come from? The President was planning to ask Congress to boost the federal gasoline tax and up the postage on first-class letters from 4? to 5?, but for most of the added $9 billion, he was counting on the surging economy to increase the income-tax take...
Another reason: the U.S. found in Deputy Under Secretary of State C. Douglas Dillon, onetime Wall Street investment banker, a foreign aid field commander with the tactical skill needed-and deployed-to prevail upon Congress to pass 1958's $3.3 billion foreign aid appropriation. As much as it dramatized Communism's infiltration of strategic, oil-rich Venezuela, the mobbing of Vice President Nixon in Caracas (TIME, May 26) underlined the urgent need for U.S. help for orderly economic growth in the hemisphere. Needed in Latin America, Asia and Africa alike was a new climate of incentive plans...
Though J. P. Morgan is synonymous with big banking, the Morgan bank is actually only 22nd in the U.S., with deposits of $790.8 million; the Guaranty is ninth, with deposits of $2.5 billion. The merger, said Morgan Board Chairman Henry Clay Alexander, 56, will enable both banks "to serve our clients' increasing needs and our country's growth even better." The merger was characterized in Wall Street as "Jonah swallowing the whale," since Alexander will be chairman and chief executive officer of the Morgan Guaranty Trust Co of New York; Guaranty President Dale E. Sharp, 55, becomes president...
...stopped a run on the U.S. Treasury in 1895 by putting up gold for the Treasury, quelled the panic in 1907 by forcing leading bankers to produce enough cash to shore up shaky New York banks, put together a number of independent companies in 1901 to form the $1.4 billion United States Steel Corp. During World War I J. P. Morgan & Co. was the banker for the British government, raised $3 billion to buy war supplies...