Word: billioned
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Dates: during 1950-1959
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FOREIGN AID: The Administration will request new appropriations of $3.9 billion for the Mutual Security program, as compared with $3.4 billion in new and re-appropriated funds voted for this fiscal year. When James H. Smith Jr., new head of the International Cooperation Administration, began lecturing the leaders about the importance of his program, Massachusetts' Democratic Representative John McCormack whispered to Massachusetts' Republican Senator Leverett Saltonstall: "Another one of your Harvard boys, huh, Lev?" Hard-working Jim Smith, Harvard '31, left the room shortly afterward with a worried look...
DEFENSE SPENDING: No final figures were set, but Defense Secretary Neil McElroy indicated that the cost of national defense will come to about $40 billion-$2 billion above this year's ceiling. The increase will go mostly toward missile development. Georgia's Democratic Senator Richard Russell was notably skeptical about the defense program. New Mexico's Democratic Senator Clinton Anderson lit into Deputy Defense Secretary Donald Quarles about the cost of interservice rivalries in the missile field. President Eisenhower broke up the argument: "As President, I want you to know that I hate waste, that I hate...
...formal speeches and offhand comments, the Administration's spokesmen have well telegraphed the direction of federal spending for fiscal 1959. The direction: up. The big item: $39 billion to $40 billion for defense, a $2 billion or so increase from fiscal 1958. Last week the Administration also telegraphed its overall policy for fiscal 1959: defense needs will shape the size of the budget, not vice versa...
...travels Kishi has stressed three major themes: 1) Japan is sorry (for World War II), 2) Japan wants to help underdeveloped Asiatic nations with Japanese technical know-how, 3) Japan would be delighted to set up as the clearing house for a largely U.S.-financed $1 billion Asiatic development fund. Understandably enough, many of the nations Kishi singled out to benefit from these plans are suspicious that what the Japanese really have in mind is a revival, along economic rather than military lines, of Tojo's Greater East Asia Co-Prosperity Sphere...
After weighing such facts, Prudential Insurance Co. issued its usually accurate annual new-year prediction: 1958 will see a $3 billion dip in capital expenditures, but this will be offset by a rise of $5 billion in state spending and $1 billion in home building. Said President Carrol Shanks: business will hold at the present stable levels for the next six months, and then "the second half of the year is likely to be strong...