Word: deficit
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Dates: during 1960-1969
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...conservative U.S. Chamber of Commerce called for an immediate tax cut, even if it meant a budget deficit in the coming year-which it certainly would. Said Chamber President H. Ladd Plumley: "It's worth the cost." Less surprisingly, the Chamber wanted the cuts concentrated on corporations and upper-bracket individuals, because it believes that encouraging investment in plant and equipment is more important to economic growth right now than spurring consumer spending. Estimated cost of the Chamber cut: $7 billion to $10 billion...
...steady gold outflow is caused by a huge and continuing deficit in the U.S. balance of payments, reflecting the fact that the U.S. spends and lends (and gives) more abroad than it takes back home. Though the Kennedy Administration has measurably improved the balance of payments by various methods (including encouraging exports and limiting tourist purchases abroad), the situation is still serious. This year's balance-of-payments deficit is expected to reach at least $1.5 billion, a billion less than last year's but a good $500 million more than the Administration had hoped...
...balance-of-payments problem is directly affected by the general health of the U.S. economy. A booming economy would raise confidence in the dollar and spur capital investment and exports, all measures that would help lessen the payments deficit. The sluggish growth of the U.S. economy has been caused largely by a constant rise in costs, a squeeze on profits, and a serious lag in investment. Holding down costs and encouraging investment in more modern and efficient plants would enable U.S. products to compete more favorably abroad. Part of any tax revision program should be a cut in the corporate...
...from the stockpile at market prices to use in making lamps to fill a Government contract. But the Interior Department vetoed the sale on the ground that it would curtail demand. Result: one of the companies had to buy its tungsten abroad, thus adding to the balance-of-payments deficit. Though the stockpile objective for tungsten is 50 million Ibs., the Government is now stuck with more than three times that amount...
...prevailing Filipino attitude of bahala na (easygoing fatalism) depend largely on U.S. help. As an incentive to foreign investors. Macapagal has made the peso convertible, with good results-the first four months of this year show a $23 million surplus in balance of payments compared with a $27 million deficit for the same period last year. He is hoping to set up a private, U.S.-Philippine development bank. But he is often hamstrung by a Congress still dominated by Garcia's Nacionalista Party, whose members cannot be turned out until the next elections, when Macapagal's new double...