Word: deficit
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Dates: during 1960-1969
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...Capitol Hill, the Byrnes view was more representative than Republican. For Kennedy's tax program is in dreadful legislative trouble. Congressmen are wary of the huge deficit that the program envisions-and the mail from home makes them even warier. Says one Congressman: "I haven't had a single letter favoring a tax cut." Says another: "My mail has been running 20 to 1 against the President's program...
...paper, the President's program would combine tax reduction with tax "reform." But there is a strong suspicion that President Kennedy really cares only about the reduction-and that mostly for political purposes. Says one White House aide candidly: "No Administration was ever voted out for running a deficit. But some have been voted out because of a recession." There is also the suspicion that Kennedy considers the reform proposals expendable, included them in his package program only as a sop to Ways and Means Chairman Mills, a longtime champion of real tax reform...
...President Kennedy himself has expounded the Administration concept in recent speeches and in messages to Congress, the budget is in the red because a slack economy does not produce adequate federal revenue. The Administration cannot eliminate the deficit by reducing expenditures-that would only shrink "aggregate demand" for goods and services, thereby making the economy even slacker. So what is the answer? It is to cut taxes while keeping federal expenditures high. The stimulating effects of tax reduction would increase incomes and profits, eventually making it possible for the Government, even at lower tax rates, to collect enough revenue...
...Socialist Majesties." But Cambodia, like many pleasant and languid places, is now beset by pressing economic problems. The planned $26 million deficit for this fiscal year has unexpectedly doubled, and the government is so short of cash that the current Five Year Plan is literally out of money. Some $24 million worth of public projects have had to be canceled, and foreign exchange reserves are dwindling at the rate of $1,500,000 a month...
With the Central Government in Leopoldville already facing a 1963 deficit of $100 million, the looting of the bank was a sad blow. It was also bad news to the U.S., which has already resigned itself to donating another hefty subsidy to the Congolese. Last week a U.S. aid team headed by Assistant Secretary of State Harlan Cleveland flew into Leopoldville to see what else was needed...