Word: budgeted
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Dates: during 1930-1939
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Best news in two years came to Australian citizens last week. Thanks to a balanced budget and drastic economy, the Treasury reported a surplus of £2,750,000 for the first four months of the current fiscal year. Promptly the Cabinet moved to reduce federal taxation by £1,600,000, including a one-third cut in the land tax, and a £500,000 reduction in the property tax. Set aside for Australian wheat farmers was £2,250.000 of which £1,250,000 will be spent to relieve actual distress, the rest to be a subsidy...
Something Japanese militarists would rather not think about was held up to their noses last week: the provisional budget for 1933-34. Squint as they might, the Cabinet of white-haired Premier Viscount Saito could not get away from two facts: Japan is faced with the biggest budget and the biggest deficit in her history. Expressed in yen at par the new budget is to balance at $1.100,000,000?a figure staggering in small Japan?with an expected deficit...
Last week Massachusetts Institute of Technology announced a plan for guarding against possible future deficits. President Karl Taylor Compton said that this year's budget was balanced, but the M. I. T. faculty voted anyway to lay up a reserve as follows: Between next Dec. i and July 1, 1933, the staff will give up 10% of their salaries, with $500 exempt. If M. I. T. does not need all of this fund, it will be pro-rated back at the end of the period. The remainder of the reserve fund involves a much-discussed source of university income...
...also where, because of politics, much of it will be rejected. The resulting reduction will probably not be ample and new methods of raising revenue will have to be adopted. The government is in a dilemma, faced by the necessity of reducing necessary expenditure because it must balance the budget...
President Hoover's proposed cut of 700,000,000 dollars in government costs seems to be in accord with the strong sentiment for federal economy throughout the country. Since it would dangerously impair national credit to continue the budget along the lines of 1929, he has chosen this way of reducing it. Apparently there are two reasons for his doing this. First is his opposition to a beer bill (which would be a lucrative source of revenue to the government); and secondly the fact that a sales tax would be unlikely to pass Congress. The budget has to be balanced...