Word: deficit
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Dates: during 1960-1969
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...China, Czechoslovakia and Bulgaria, the new deal guarantees a market for Canada's entire 1965 wheat crop (estimated at 800 million bu.), will boost wheat export earnings to a record $1.2 billion this year and cut deeply into Canada's $453-mil-lion balance-of-payments deficit. In return, Sharp promised Russian Trade Delegate Nikolai Ossipov that Canada would increase its purchases from Russia, now a mere $3,000,000 yearly...
...SPENDING: The rise in defense outlays-a moderate $1 billion to $2 billion now-will not significantly affect the deficit in the federal budget. The deficit for fiscal 1965 was $3.5 billion, is expected to be $4.2 billion in fiscal 1966. Additional step-ups in Viet Nam spending later on may indeed swell the deficit. Even so, the Government does not expect to cut back its spending for construction and welfare programs, though the pace of some of them may be slowed...
...long-range outlook is bleak for jute, sisal, hides, and other commodities that struggle against increasing competition from synthetic substitutes. Wool prices have been clipped 18% in the last 18 months, complicating Uruguay's battle to end its trade deficit, and the price of rubber has skidded...
Prime Minister Harold Wilson's ninemonth-old austerity program has already cut Britain's trade deficit by almost half (to $72 million a month), but the pound remains very much under siege, and talk of devaluation early next fall still persists. Bankers from diverse parts of the world-Red China, Europe, the Middle East-have been converting their pounds into gold so rapidly that demand for bullion on the London market has soared to a post-Korean War high...
...trade has been bankrolled by dollars flowing out of the U.S. in the form of investing and lending, tourism, foreign and military aid-thereby steadily worsening the U.S. balance of payments. Now Washington's "voluntary" curb on investment abroad has finally, if perhaps temporarily, halted the payments deficit, allowing the U.S. to enjoy a rare surplus...