Word: deficit
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Dates: during 1960-1969
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...federal budget has lately been a source of concern in Washington, but for an odd reason: there are unmistakable signs that the deficit is declining. This should be a cause for celebration, and for the most part it is, because it demonstrates that business has been vigorous enough to generate additional revenue for the Government despite the tax cut-and partly because of it. But the deficit decline disturbs many "activist" economists, who advance the neo-Keynesian argument that if business is to grow vigorously, the Government must pump more money into the economy than it takes...
Balancing Act. After estimating in January that the deficit for fiscal 1965 would be $6.3 billion, the Treasury two weeks ago reduced the estimate to only $3.6 billion, smallest since the surplus year of 1960. Last week came still another indication that the budget is moving closer to balance. The Treasury Department's daily statement for June 30-the last day of fiscal 1965-showed a deficit of only $900 million in all the Government's accounts, including social security. Though many overdue bills and receipts may come in later and change the final figures, the trend...
...sympathy. The British Treasury announced last week that Britain's gold and currency reserves fell by $67 million in June, to $2.8 billion, and that it had exchanged pounds for dollars under its $750 million swap agreement with the U.S. In addition, Britain faces a large seasonal payments deficit later in the year, finds her currency reserves drained each time a bit of poor economic news appears; bad May trade figures, for example, cost the British Treasury $140 million in reserves as holders of sterling sold off their pounds in exchange for gold and other currencies. Many European bankers...
...Common Cause. Callaghan pointed to an improved payments deficit since last November's sterling crisis, predicted that last year's $2.5 billion deficit will be sliced to $850 million and that a surplus will be reached by the fall of 1966. He clearly feels that Britain's austerity measures have not yet had a chance to work. He stressed the pound's strong reserve backing: $2.8 billion in gold and currency buttressed by a $1 billion standby credit with the Federal Reserve System and the Export-Import Bank, plus a $1.2 billion Government-owned portfolio...
...unexpected tax haul enabled Budget Director Charles L. Schultze, 40, a former University of Maryland economics professor who took over the job on June 1, to close the books on the world's largest budget with a deficit of $3.8 billion, $2.5 billion below January estimates and the smallest deficit since 1960. It also pleased-and puzzled-Treasury Secretary Henry Fowler and caused the Treasury to begin a re-examination of its entire estimating procedure. Says Fowler: "If there had to be that big an error, I'd much rather have it on the plus side than...