Word: billioned
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Dates: during 1950-1959
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...began to ease, the Air Force announced a 50% rise in missile spending for fiscal 1959, and the market took off again. Led by air-crafts, it advanced steadily in all groups, ended the day at 439.35 on the Dow-Jones industrial average, up 11.41 points for a $4.2 billion gain in the market value of all stocks. It was the market's second best day of the year, topped only by the spectacular Oct. 23 rise of 17.34 points...
...PRIME financial question confronting the Administration is whether or not Congress should be asked to increase the national debt limit beyond its present $275 billion ceiling. The federal debt last week stood at $273,351,797,516.09, only $1.7 billion under the legal ceiling and with seven months still to go in fiscal 1958. The Treasury steadfastly maintains that it can squeeze by under the ceiling. But many Administration economists doubt it. They argue that the debt limit must be raised, not only so that the U.S. can go on paying its bills, but also because the $275 billion ceiling...
...secret that there will be one crisis after another until March 15, when heavy corporate tax payments start pouring in. From October through February, Treasury income is at its lowest point, while expenditures continue at their high level. In fiscal 1957, for example, the U.S. Government collected $24.4 billion from October through February, but spent $29.2 billion. Realizing its predicament, the Treasury got Congress to boost the debt limit temporarily to $278 billion until income picked up again. Early this year the Treasury thought it could get by, asked for no increase. But since then, estimated expenditures have gone...
...actual dollars and cents, the total obligations of the U.S. already exceed the $275 billion debt limit, though technically the Treasury's books still show a $1.7 billion leeway. The Federal National Mortgage Association and the Agriculture Department have issued $2.8 billion in notes and debentures held by banks and private investors. These do not show up as part of the "national debt," though they are Government obligations...
...Treasury can add still more to its actual obligations without technically adding to the debt. Fannie May recently offered the public $802 million worth of notes, backed by the mortgages it holds, then used the proceeds to pay back part of the $1.8 billion it had borrowed from the Treasury. Agriculture's Commodity Credit Corp., which has some $350 million in public loans, could also go into the open market, as it did in 1953 and 1954, float $1 billion or more in loans through "certificates of interest" on the surplus crops it holds. As a last resort...