Word: billioned
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Dates: during 1950-1959
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...headed right up through space toward an annual defense budget of $60 to $70 billion within the next ten years (v. 1958's $39 billion) unless it faces up soon to some basic choices. Next week at the U.S. Marine station at Quantico, Va., 175 of the nation's top military and civilian defense experts will take off coats and jackets, roll up their sleeves to wrestle with the big questions. Items:
...support payments, has even implied that if his government does agree to any payments, he will cancel large chunks of his ministry's several hundred million-dollar U.S.-arms contracts. Though his domestic arms buildup is going so slowly that he seems unlikely to spend the $2.5 billion allotted him this year, Strauss announced last week that he was cutting back from 700 to 400 the number of M48 tanks ordered in the U.S. because of the increased burden on his budget of the troop-support settlement with Britain...
Construction showed a $400 million gain to $4.1 billion in May-and gave the Northwest's troublesome lumber industry real hope for better business. Though output is down 10% from last year, lumbermen talk encouragingly of a second-half push that might carry the industry 2% or 3% ahead...
Retail sales continued surprisingly strong. The Census Bureau estimated April sales at $16.3 billion, and a level 2.5% over March. But the ratio of sales to inventories was still considerably higher than a year ago, which meant that businessmen will probably continue to cut their inventories until the ratio finally gets back in line...
...Recession. The beauty industry fears no recession, for a woman will give up food before her pursuit of beauty-and often because of it. The U.S. spent an estimated $4 billion on beauty aids and services in 1957. Sales of toilet preparations-heart of the beauty business-amounted to $1.4 billion in 1957, up 8.3% from the year before and almost double ten years ago. In 1958 the industry expects to have the best year in its history...