Word: billioned
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Dates: during 1950-1959
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...Friends liked the bill because it authorized TVA to issue up to $750 million in bonds to finance new projects. Foes liked it because it 1) tightly limited TVA's future territorial expansion, and 2) required TVA to start paying back, at $10 million a year, the $1 billion that the U.S. Government has invested in it over the past 25 years. The President approved all three points, but he strenuously objected to a provision empowering Congress to amend future TVA project plans and expenditures by concurrent resolutions, bypassing the President and his veto power. Determined to preserve...
...biggest gainers was building. The Commerce Department estimated that new construction in July reached $5.2 billion, up 3% from June and 14% from July a year ago. Total work put in place in the first seven months of 1959 was $30.1 billion, 15% ahead of the same period last year. Outlays for new private building in July rose to $3.6 billion to push the seven-month total 16% ahead of a year ago. Biggest gains were in home building, which leveled in July at a seven-month rate 32% above last year. So great is the demand for funds...
From nearly all sectors of industry, earnings were rising in what appeared to be the biggest quarterly gain over the comparable quarter a year before since the end of World War II. General Motors' Chairman Frederic G. Donner reported that corporate sales of $3.3 billion in the second quarter were the second best in history for that period (best: igss's $3.4 billion). G.M.'s first-half earnings climbed to $2.08 per share, v. $1.17 in the same period last year. Westinghouse Electric Corp. showed how well it had stepped up efficiency under President Mark W. Cresap...
...this attitude by the Administration, and with it a possible shift in U.S. foreign economic-aid policy. The change was prompted by the fact that the U.S. loss of gold from Jan. 1 to July 24 was $898 million; the U.S. foreign-payments deficit this year will run $4.9 billion. Much of the deficit comes from the $5.5 billion the U.S. will spend this year in foreign aid, loans and military help...
...meeting of the World Bank (TIME, Oct. 20), but failed to get far because the U.S. did not push it with vigor. Now the U.S. expects to plump hard for Ida at the World Bank's September meeting in Washington, set it up with initial capital of $1 billion (one-third contributed by the U.S.) by late 1960, gradually make it shift more and more of the aid burden from individual nations...