Word: deficit
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Dates: during 1960-1969
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Closing its books on fiscal 1961 last week, the U.S. ended up $3 billion in the red. The deficit was due partly to higher-than-anticipated costs of established programs, partly to an extra $500 million outlay as a recession-recovery measure. Opening books on fiscal 1962, the Treasury predicted revenues of $81.4 billion, expenditures of $85.1 billion, another deficit this time next year...
...successor.) Though both Fergusons were teetotalers, they opposed Prohibition. In her first term, Ma released 3,600 prisoners (mostly bootleggers), attempted to put a 10% tax on cigarettes (she and Farmer Jim both disapproved of smoking). Running the state economically, she improved Texas' financial situation from a deficit to a $7,000,000 surplus. Even so, the bloom faded quickly from her popularity, largely because of the long shadow of Farmer Jim, and in the next Democratic primary Ma was overwhelmed by her attorney general, Dan Moody, who ungallantly campaigned with a "Clear out the Fergusons" battle...
...mayor, Quadros inherited a city with exactly $2,212 in the bank, $12.5 million in unpaid bills, and a budget deficit of $6,000,000 for 1952. He fired 10% of all functionaries, cut nonessential spending, ended political payoffs, started 200 corruption investigations. In his outer office he hung a sign: "Sr. Jânio Quadros does not provide city jobs. Please don't waste your time and his insisting." He sold off the city fleet of 40 limousines (São Paulo's morticians snapped them up), even banned coffee breaks-in the coffee capital...
Along with his glowing expectations for the domestic economy (see above). Treasury Secretary Dillon last week voiced cautious optimism about the U.S.'s position in the world economy. After running up an $11.2 billion balance-of-payments deficit in the last three years, the U.S. this year is narrowing the gap. Preliminary figures indicate that for the first six months of 1961, the overall deficit will run only $600 million v. $1.3 billion for the same period last year. In the so-called "basic balance of payments" (which excludes short-term capital flow), the U.S. will probably show...
Britain's basic trouble is that it is not earning enough abroad to support its domestic standard of living. The British trade deficit in May rose nearly 250% to $229 million. Worse yet, Britain's "invisibles" (earnings from oil, shipping and overseas investments) have declined to the point where they are no longer great enough to cover the traditional British surplus of imports over exports...