Word: billioned
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Dates: during 1950-1959
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...ceiling that is merely uncomfortable can have beneficial results: it can force military leaders to cut down on overlap, make choices between concepts and weapons. Defense Secretary Neil McElroy, backed up by the President, has tried to hold the 1960 defense budget to a distinctly uncomfortable $41.6 billion, i.e., this year's level plus a 2% inflation factor. And one result of the painful ceiling is that the Pentagon is taking hard-eyed looks at duplication and obsolescence among the U.S.'s twoscore missile programs...
...Augusta to report on the possibilities of wringing water out of the defense budget. After the meeting McElroy told newsmen that it will be "pretty rough'' to keep 1960 spending at the fiscal-1959 level. But when asked whether 1960's total would be $2 billion higher than 1959's, he recoiled: "Oh, no." How about $1 billion higher? "I just don't know," said McElroy. His final word before boarding his plane back to Washington: "economy" is being considered as well as "security," but "the first by no means takes precedence over the second...
Costlier Handouts? The vote may, as Benson devoutly hopes, provide a long-range step-down of subsidized prices toward market prices, may help trim the monstrous program that inflated USDA's current budget to $6.9 billion. But, in the short haul, Benson's economy-seeking victory could become the costliest cornucopia in the history of subsidies.* In recent years only a small proportion (12% in 1958) of corn farms qualified for high supports by staying inside the Government's acreage limits. Farmers who planted more fed it to livestock, sold it on the open market-or sold...
...Present corn surplus: 1,132,000,000 bu., which cost the Government $1.8 billion, eats up $370,000 a day in storage fees...
...steady stream of dollars, and new trade agreements, like the one with Italy which guarantees Iran the lion's share of a 25-75% split, will certainly affect the 50-50% deals that have been standard with British and most U.S. companies. Under Iran's $1.1 billion development program, made possible by oil revenues, regional schemes will supply irrigation, fertilizer, electric power and light industry. The ambitious Khuzistan project in southwestern Iran is under the able guidance of a U.S. firm headed by David E. Lilienthal and Gordon R. Clapp, who pioneered TVA. The development plans are good...