Word: billioned
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Dates: during 1950-1959
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Symbolic Strings. Dillon's strong statement was part of a massive readjustment of U.S. economic policy to fit the facts of modern economic life. Last year, chiefly because of spending for economic and military aid, the U.S. sent abroad $3.4 billion more than it received for its exports. Faced with a $4 billion gap in fiscal 1960 (ending next June 30), Treasury Secretary Robert Anderson has got the President's permission to cast a hard eye over next year's foreign-aid budget and audit the Pentagon's spending for overseas forces and bases. Last month...
...strings on the DLF were more symbolic than revolutionary, for the DLF's annual loans of $550 million are a fraction of the $5 billion in string-free U.S. economic aid (and most of DLF funds have been spent in the U.S. anyway). But the order touched off editorials that the U.S. was moving backward to a "Buy American" program calculated to subsidize high-priced American products that could not otherwise compete in world markets. Arkansas' William Fulbright, chairman of the Senate Foreign Relations Committee, fired off a barrage of hostile questions to DLF Director Vance Brand...
Into the Pentagon last week drummed word from the White House that defense spending for fiscal 1961 must be held at or below the present $41 billion level. The services estimated that they would need $43 billion to $44 billion just to maintain present strength and cope with the rising costs of personnel and weapons. Obviously some serious cuts were coming. Best guesses...
Army. The 870,000-man Army could not take much of a cut if it was to keep any brush-fire or full-scale war capability. The Army will probably get $9.5 billion, about the same as last year, will make up for inflation by cutting back on already-lagging modernization, e.g., replacing the World War II M-1 rifle with the more up-to-date...
...Navy will get less than this year's $11.5 billion, will cut down new ships, new aircraft. Safe: the submarine-launched Polaris ballistic-missile program...