Word: billioned
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Dates: during 1950-1959
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Veins bulging along his left temple, the President poured down his wrath upon the Democrat-dominated House Appropriations Committee, which had sliced $872 million out of the Administration's $3.9 billion foreign aid appropriation request. Soothingly the committee's ranking Republican, New York's John Taber, reported that committee Republicans had strongly supported Ike in the teeth of Democratic opposition. "But what happened is no good," snapped Eisenhower. "This thing is vital to our country's interest...
...federal red-ink splash "of the order of $10 billion." said President Eisenhower at his press conference last week, lies ahead in the newborn fiscal year of 1959. It was a rueful admission for a President who had pledged himself to balanced budgets as an essential goal, and who half a year ago submitted an optimistic 1959 budget showing a $500 million surplus...
...reason for the dizzying switch from surplus to massive deficit had nothing to do with either cold war or recession ; it was the further bloating of already swollen farm programs. As of January, the Agriculture Department was planning to spend a whacking $5 billion for the fiscal year, largely in efforts to cope with surpluses that are encouraged by high price supports (TIME, Aug. 19). But abundant spring rainfall brought lush crop prospects, notably in the long-parched Great Plains, and the department's outgo estimate mushroomed to $6 billion-more than twice the combined outlays of the State...
...CIGARETTE OUTPUT reached a record 446 billion in year ending June 30, up almost 3%, and Agriculture Department predicts higher total in coming year. Consumption averages 120 packs a year per capita...
Spend the Money. The U.S. spent about $14 billion for all kinds of education in 1955; by 1967, the authors estimate, it should spend some $30 billion. They make two general recommendations: 1) state and local tax setups-now largely dependent on property taxes-should be revamped, with more money allotted to education; 2) educators and the public should recognize that federal aid to education is already huge, and that while states and local communities should retain control of the schools, a much larger proportion of the education bill must come from federal funds...