Word: deficit
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Dates: during 1960-1969
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...Representative John F. Kennedy posed the question to the House: "How long can we continue deficit financing on such a large scale with a national debt of over $258 billions...
...deficit to build our future strength?" If our family pursued such a debt-ridden budgetary policy, it would soon be bankrupt and in disrepute. What is now a proud, self-supporting unit would sicken...
Just Mildly. Gordon denied the newspaper's summation of his testimony. The story was wrong-not wildly, just mildly. Much of the misunderstanding stemmed from the efforts of all sorts of Administration spokesmen to make the President's new taxcut, big-deficit program sound like the sexiest thing since Bardot started wearing clothes...
...Congressional Joint Economic Committee. He insisted that "under current condi tions," with the economy sluggish, attempts to balance the budget would be "self-defeating." Reduced federal expenditures would "reduce private production, employment, profits and wages. This, in turn, would lead to lower federal revenue collections, and a deficit would remain...
...Puritan Ethic. To argue its case for combining tax cuts with huge budget deficits, the Administration sent up to the Hill a host of persuasive witnesses, including, besides Gordon, Walter W. Heller, chairman of the Council of Economic Advisers, Labor Secretary Willard Wirtz, Agriculture Secretary Orville Freeman, Commerce Secretary Luther Hodges, Treasury Secretary Douglas Dillon. But committee members seemed far from persuaded. Even liberal Democrats pronounced themselves disturbed about that dizzying $11.9 billion deficit in the President's budget for fiscal 1964 (beginning next July). Heller, for one, argued that the New Frontier's program would lay open...