Word: budgeteering
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Dates: during 1960-1969
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...whole went to the polls in 1966, the Prime Minister's Labor Party had lost six of its constituencies and seen the majority in its three others cut sharply. Last week, in the first by-elections since the introduction of the government's stringent new budget, the sledgehammer fell on Labor with such force that it all but buried what was left of the party's reputation. In all four elections-three of them in Laborite constituencies-the Conservatives swept to easy victories...
Government spends prodigiously on services, salaries, subsidies and defense, which add little directly to capital formation, it does make quite a contribution to the nation's capital resources by building dams and roads, making loans, and investing in education, manpower training, health programs, research and development. The Budget Bureau estimates that these federal investments will rise from $27.3 billion in fiscal 1967 to $31.9 billion...
Lately, the long-term trend to capital tightness has been aggravated in the U.S. by the Government's large-scale bor rowings to finance its budget deficit. Through issues of securities and loans, the market generates about $70 billion in credit yearly. The Federal Government expects to borrow a phenomenal amount of that-about $22 billion in the fiscal year ending this June. Unless taxes are increased fairly soon and sharply, the Government will pull $17 billion more out of the capital market in the first six months of 1968 than in the first half of 1967. In consequence...
...fund for weeks before making up their minds how much devaluation to risk. Afterward, the IMF gave the U.K. a hefty $1.4 billion stand-by credit to help it get back on its feet. As one condition, IMF aides scrutinized and gave tacit approval to the draconian British budget introduced last week (see THE WORLD) before the Labor Government dared present it to Parliament. Had the IMF considered the British economic cutback too meager, it could have canceled the loan and so forced Britain at least to the brink of a second devaluation. The price Britain is paying...
...private and corporate loans even more costly and difficult to get. Since Congress has shown no inclination to go along with a tax increase until the Administration has slashed nonmilitary spending, President Johnson two weeks ago agreed to a reduction of as much as $9 billion in his budget. Such a cut would affect foreign aid, the space program, the supersonic jet, and some or all of $1.5 billion in the highway, flood-control, and federal building programs...