Word: debt
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Dates: during 1950-1959
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...Humphrey on Capitol Hill last week, Kerr nagged and niggled for three days without denting Humphrey's basic defense. The Secretary admitted that tight money had pained some borrowers and would-be borrowers. He also admitted that high interest rates had upped the cost of carrying the national debt. But he would not be swerved from his (and the Mills reports') essential point: "It is better to have the cost of interest rising than to have the cost of living going out of sight...
...finances, he agreed, were "in a mess" when he took office in 1953-and they are still in a mess. Democrats went much farther, cried loudly of a crisis at the Treasury. Reason: in the next twelve months, the Treasury must refinance some $75 billion (28%) of the U.S. debt, and do it in a market where Government bonds are at their lowest level since the Depression, and interest rates are climbing. Last week, to sell $3 billion worth of 264-day tax anticipation certificates, the Treasury was forced to raise the interest rate to 3.485%, highest since...
...some important achievements during his regime. The budgetary deficit was reduced, paving the way for a $7.5 billion tax cut and a balanced budget in 1956 and 1957. The Administration also claims an important victory by reducing its "floating" (i.e., callable on demand or payable within one year) debt by $25 billion since 1953, an action that helps insulate the Treasury against sudden runs on its cash supplies...
...public debt pushes $65 million...
...meddling, last week abruptly freed its long-pegged peso. Officially traded at 2½ to the dollar before the freeing, the peso promptly dropped to 6¼. Result expected: encouragement for the producers of dollar-earning exports (chiefly coffee), discouragement of dollar-draining imports, reduction of a towering trade debt estimated at $200 million...