Word: budgeteering
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Dates: during 1960-1969
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...officially put Government spending in the cities at $14.7 billion. In the same week, Robert Weaver, Secretary of Housing and Urban Development, reckoned that it actually amounted to $28.4 billion; and Lyndon Johnson, with lightning application of both old and new math, set it at $30 billion. This year, Budget Director Charles Schultze admitted to a Senate subcommittee, the Government is giving out only $10.3 billion in "federal aid payments in urban areas." Even this more down-to-earth figure is probably far too high an estimate of the amount being spent on programs that are actually aimed at slum...
...abilities, have always given Washington an unresponsive, cumbersome rule. In their place, the city will soon have a single chief executive, an assistant, and a nine-member city council. All will still be appointed by the President, and Congress will continue to appropriate the funds for Washington's budget-even though 80% of the city's current expenses are paid for by local taxes. Unlike the present government, the new administration will be permitted to transfer funds from one city agency to another without applying to Congress for approval...
...also reported that the CIA had first started feeding the NSA in 1952, when $55,494--or 79 percent of the NSA budget--came from CIA fronts...
...Administration economist observed last month that if there were no Vietnam war the Federal government would have a budget surplus rather than a deficit. But there is a Vietnam war, and as military expenses grow interminably, the government anticipates a deficit of $29 billion for fiscal 1968. A deficit this large causes an excessive stimulus on the economy, and for that reason President Johnson asked Congress in early August to approve a temporary 10 per cent surcharge on income taxes for both individuals and corporations. He hopes this surcharge and other fiscal proposals will reduce the deficit by $11 billion...
...second argument concerns the economy. If the economy advances rapidly, a large Federal budget deficit helps create inflationary pressures because the government is putting more funds into the economy than it is taking out. The tax increase tends to slow the economy by restricting the ability of individuals and corporations to spend. In the absence of an economic boom, however, a tax increase tends to further depress economic conditions. In an economy operating at a slower pace, less consumer spending would result in lower tax revenues, thereby negating the beneficial effect of any tax increase...