Word: budgeteering
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Dates: during 1960-1969
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...exercise had a this-is-a-recording tone, but the White House sent in the first economics team anyway: Treasury Secretary Henry Fowler, Budget Director Charles Schultze, Federal Reserve Chairman William McChesney Martin and Chairman Gardner Ackley of the Council of Economic Advisers. For two days, the witnesses piled statistic on projection to prove essentially two points: that without the tax increase inflation will grow ever more serious, and that the added revenue is sought not to finance new spending programs but to hold the federal deficit to a manageable figure...
Schultze sought to show that the budget of $186.1 billion proposed for the fiscal year beginning July 1 (see box) was as tight as Lyndon Johnson claimed; that the $10.4 billion increase over this year results from military needs and extra expenditures required by law. It was here that Democrat Mills, with the full support of Ranking Republican John Byrnes, made his stand...
Mills did indicate sympathetic consideration for certain minor parts of the Administration's revenue requests -an acceleration of corporate tax payments and retention of telephone and automobile levies that were scheduled to decrease April 1-but even with these, the projected budget deficit for fiscal 1969 could be about $18 billion instead of the $8 billion targeted by the White House. After indicating these possible concessions, Mills announced that his committee would turn to other business when it reconvenes next week. He gave no hint whether or when the tax surcharge would be reconsidered. However, if mobilizing of military...
EVEN in the most tranquil of times, a federal budget contains much guesswork: spending, revenues and general economic conditions for a period ending 18 months after the calculations are made must be reduced to hard figures. The Administration's fiscal-1969 budget presented to Congress this week contains more than the usual quota of uncertainties because of war, both raging and threatened, in Asia; volatility in the domestic and world economies; hostility to new taxes, and the fractiousness of election-year politics...
Lyndon Johnson met these vagaries headon, but the outcome of the collision cannot be known for months. He proposed for the year beginning July 1, $186.1 billion in "outlays"-a term covering expenditures and net lending under the new budget format-but this and other projections rested on expectations of a degree of cooperation from Congress that will most probably be withheld and of only a modest rise in Viet Nam expenses, which are really impossible to predict...