Word: budgets
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Dates: during 1940-1949
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...highest price the U.S. had ever paid for its security in peacetime-almost four times Franklin Roosevelt's entire first budget. But far from trying to trim it down, the U.S. House of Representatives last week added a few hundred millions of dollars to what President Truman had asked. Then with a heavy sense of urgency, some sane and some not-so-sane oratory, and a frank admission of helplessness, the House approved the record $15.9 billion defense bill...
...Received from its Appropriations Committee the largest military budget in peace time history. The $15.9 billion total was $631 million above what the President asked for, would give the Air Force enough extra funds to provide 58 groups next year instead of the 48 the President had recommended...
...turned up to their prewar glory. Thousands of Londoners cheered, and moppets who had never seen the show murmured with delight. This was a happy prelude to an otherwise depressing week for Britain. In the House of Commons, Chancellor of the Exchequer Sir Stafford Cripps presented his 1949-50 budget. Under his severe guidance, Britain had sweated, toiled, and made a sensational recovery (TIME, March 28). Now, the nation felt, it was due for something more than the lights of London. Britons wanted lower taxes, continuation of cheap food, cheaper clothes and tobacco...
...Dream. Britain had a surplus of ?350 million to show for 1948, but Cripps explained that he could not actually spend this money. It had all been used up, mostly to wipe out some of the huge national debts. The biggest items in the budget were expenditures for defense and cradle-to-the-grave social security. Cripps smashed the rosy Socialist dream that the "welfare state" could be paid for entirely by soaking the rich. The rich were now all but soaked, and it was Britain's plain people who would have to pay for their "free" medical...
...British politicians recognized Cripps's courage in going to bat for an unpopular but economically necessary budget. But there was no getting away from the fact that it represented a crisis in Labor Party affairs, as was promptly shown by the licking Labor took in the London County Council elections (see above). For years, Laborite leaders had appeased the workers' demands for higher wages by pointing out that the Socialist government was at least keeping prices low. Now there was bound to be trouble. Said Socialist M.P. Mark Hewitson of the powerful General and Municipal Workers' Union...