Word: billioned
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Dates: during 1960-1969
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...strike back effectively after a massive surprise attack. Thus, the temptation to deliver a pre-emptive strike in an acute crisis like the Cuban missile confrontation would increase. This new step-up in the arms race,* coupled with the Safeguard ABM, would cost the U.S. at least $20 billion and could lead to far vaster expenses if each side continued to expand its arsenal. These huge expenditures would bring no increase in security. More likely, both sides would become more vulnerable to attack...
...effort to check inflation, Richard Nixon has relied heavily on the extension of the $8 billion-a-year income tax surcharge to reduce the economy's fever. Last week, assured by House leaders that the surtax would be continued into the fiscal year beginning July 1, the President confidently predicted that its impact-and that of other fiscal measures-would be felt in "two or three months." If it is not, he warned, more stringent action will be necessary...
...oppose. To ease the reformers' consciences further, Mills pledged a major tax-revision program by year's end. This compromise, originally suggested by Nixon, will cost the Treasury an estimated $625 million a year. The elimination of the investment credit will offset that by bringing in $1.5 billion a year...
...FOREIGN AID. Congressional liberals have threatened to withhold support from the $2.65 billion foreign-aid bill. It is a risky maneuver, since the Administration could saddle them with the political blame if the bill fails to pass. But it is also a measure of their discontent that they are taking that risk to dramatize their view that domestic needs have higher priority...
...economists now call the "marriage of the warfare and the welfare states." When Johnson belatedly asked for a tax increase in 1967, Congress dallied for ten months before enacting it. By the time the sur charge took effect a year ago, the fed eral deficit had swelled to $25 billion...