Word: deficit
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Dates: during 1960-1969
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TRANSPORTATION. Increased freight traffic sent the Great Northern's first-quarter net leaping from $168,000 in 1961 to $1,900,000 this year, and enabled the sprawling Pennsylvania to cut its deficit to $1,400,000 from 1961's $13 million...
Among the struggling airlines, cost-conscious Braniff turned a 1961 first-quarter deficit into a $106,000 profit, but United, plagued by foul weather and "excessive competition," lost $8,000,000-more than 30 times its first-quarter 1961 deficit...
...budget is certain to wind up somewhere on the order of $7 billion in the red. And there is scant relief in sight. Though the President a few months ago talked hopefully of showing a surplus for fiscal 1963 (see chart), most economists last week agreed that a budget deficit of from $2 billion to $5 billion is likely next year...
...this leads many businessmen to question the right of the President to accuse steel companies of being inflationary when they seek price increases. The likeliest sources of inflation in the U.S., argue the President's business critics, are Government spending and the federal budget deficit. Says Walter Maynard, a partner in Wall Street's Shearson, Hammill & Co.: "Mr. Kennedy's moral position would be stronger if he operated his Government at a surplus...
Clearly stung by such criticism, Treasury Secretary Douglas Dillon last week answered back at a meeting of the New York Economic Club. The burden of Dillon's argument was that the real cause of the prospective budget deficits was not increased Government spending but the disappointing pace of the business recovery-which means that the Government's tax revenues will not be so large as it had anticipated. Dillon conceded that when a nation's industrial capacity is running full blast and consumer demand is strong, budget deficits "almost invariably lead to a rise in prices...