Word: billioned
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
SPENDING: New Hampshire's powerful Senator Styles Bridges, senior Senate Republican and a dedicated budget-firster, conferred with President Eisenhower, carried out word that next year's "accelerated" defense program may cost $2 billion more than the $38 billion planned by the Administration. Said Bridges, even while renewing his respects to the principle of Government economy: "I believe this comes first." Late word spread that the President will ask Congress to lift the $275 billion debt ceiling...
...turnabout was a decision by the Administration to pay out an additional $400 million for defense programs in the second quarter of fiscal 1958 and to give $300 million of it to the Air Force. It had little alternative. Despite all economies, the Defense Department spent $10.3 billion in the first fiscal quarter, leaving only $9.8 billion for the second three months. Since program stretchouts are slow to take hold, this would have meant either 1) enormous cuts to bring the budget back into line by the end of the second quarter-something military planners refused to accept...
While the new funds will not solve all the industry's problems, they will ease much of the strain. Originally, planemakers estimated that they might be forced to borrow between $1.5 billion and $2 billion to keep going without full progress payments on contracts. Fortnight ago, after a calmer calculation, the spread was down to $800 million. Now with an additional $300 million available, the gap is only $500 million all told. Of this amount, the industry will probably have to borrow $300 million, while the Air Force hopes to find enough loose change in its various financial pigeonholes...
Most of the planemakers will probably have to find some new financing. Boeing Airplane Co., which rolled out its first civilian 707 jet transport last week and has a $2.1 billion backlog of military orders, estimates that it will have to borrow between $150 million and $200 million to meet payrolls and other costs. But after all the rumbles of wholesale layoffs shutdown plants and delays in plane deliveries, Boeing President William McPherson Allen seemed satisfied with the new targets. He expected to escape ''precipitous'' job cutbacks; he also predicted that both the Air Force...
...more basic problem is that the commercial market is far too small to support the many companies that have bounded into it. While six big companies supply almost all the equipment for the $1.5 billion-a-year conventional power market, 50 to 60 firms plan to make reactor equipment. AEC expects few of them to survive. Said the commission's Reactor Development Director W. Kenneth Davis: "During the next few years the business will not support 50 companies or even a fraction of them. We could have a few good companies or a lot of mediocre or bad ones...