Word: billion
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Dates: during 1950-1959
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...budget and the Economic Report that he sent to Congress this week, stressed the nation's need to look to the health of its basic source of material strength: the U.S. economy under the free-enterprise system. For fiscal 1960 the President submitted a balanced $77 billion budget. In his Economic Report, he asked Congress to amend the Employment Act of 1946 by adding "reasonable price stability" to the other economic goals-"maximum production, employment and purchasing power"-that the Federal Government is pledged to foster. "An indispensable condition for achieving vigorous and continuing economic growth," said the President...
...balanced budget, result of a determined, top-to-bottom Administration drive, calls for expenditures of $77 billion. That is $5.2 billion more than the amount that, in 1957, moved then-Secretary of the Treasury George M. Humphrey to warn of "a depression that will curl your hair." And it is $3.1 billion more than the President's original budget for the current fiscal year, in which the U.S. is running a gaudy $12.9 billion into the red. In its modest surplus, the 1960 budget picks up the pre-Sputnik, pre-recession trend of Eisenhower budgets...
Underlying the President's budget balance is an optimistic prediction that "a rapidly advancing economy" will produce a $9.1 billion increase in the Government's income. Insisting that his revenue forecast is "realistic," the President noted that after the 1953-54 recession, the jump in federal revenues ''was more than the increase estimated in this budget." He asked Congress to extend corporation and excise taxes at present rates for another year, also requested Congress to up the federal gasoline tax from 3? to 4½? a gallon and slap...
More for the Newest. On the other side of the ledger, the budget calls for an overall spending decrease of $3.8 billion. Some $300 million is trimmed from what budgeteers label "Major National Security" defense, atomic energy, stockpiling and foreign military aid, which together add up to $45.8 billion, 59% of the $77 billion total...
...defense budget comes to $40.9 billion, an increase of one-fourth of 1% over this year, not enough to cover price up-creep. A 12% boost in research and development funds is balanced by a 15% cut in military construction outlays. Procurement outgo stays about the same, $14 billion, with no money for Air Force interceptors or phased-out missiles such as the Navy's Regulus II, more money for newer missiles. The Air Force's missile-of-the-future, the solid-fuel Minuteman, is scheduled for a 40% increase to $270 million. Within the defense budget...