Word: budgeting
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Dates: during 1940-1949
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...usually with small support. It had passed an amendment declaring that for whatever the Federal Government spends (after 1947) there must be new taxes "to prevent any net increase in the federal debt." In short, the Senate had taken a stand for that all but forgotten institution, the balanced budget...
Liberal spending, if necessary to create federally financed jobs, had been part & parcel of the original Murray-Wagner proposal; an unbalanced budget had been the financial keystone of Franklin Roosevelt's and Harry Truman's administrations. Federal outgo and income had not matched since June 1930, just after the beginning of the last great depression, and the national debt now stood at $26.2 billion. But when the Taft amendment was put before the Senate, "Dear Alben" Barkley spoke only a few mild-mannered words of protest. Then Georgia's economy-minded George rose to thunder...
After Walter George had finished, the Senate quickly agreed (82-0), sent the bill to the House, where it was likely to be passed, budget balancing...
...program would be vested in a faculty committee whose responsibilities would parallel those of a normal department of the University. The men selected would determine which current courses were satisfactory "general" courses and what new courses were demanded. In addition, the committee would have the normal routine duties of budget administration, accrediting students, and consideration of special student problems in a field the keynote of whose administration is to be flexibility...
Many of the recommendations, as the committee was well aware, are not new. But where the committee parted company with other planners, notably Beardsley Ruml, was in insisting on a budget balanced every year rather than over the business cycle. Its chief argument was that deficit spending is a "narcotic" which, once used, is a threat of progressive inflation...