Word: deficit
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Dates: during 1960-1969
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...State Douglas Dillon and a corps of 24 advisers, U.S. Secretary of the Treasury Robert Anderson had only one thought in mind. Come hell or high water, he was determined to jar the West Germans into parting with enough Deutsche Mark to make a major dent in the increasing deficit (an estimated $4 billion for 1960) in the U.S.'s international balance of payments. Brushing aside the cautionary briefings of U.S. diplomats on the spot, Anderson confronted West German Chancellor Konrad Adenauer and Economics Minister Ludwig Erhard with a peremptory demand that Bonn take over at once...
...world are followed by their wives and children-484,000 of them in 1060. In a drastic effort to reduce the flow of dollars abroad, President Eisenhower ordered the number of U.S. military dependents overseas reduced to 200,000 within two years. This may cut the U.S. payments deficit as, much as $500 million a year, counting what the Pentagon"spends on dependents and the $1,000 a year each dependent is estimated to spend abroad. But last week, at one of the lushest dependent settlements overseas, the good life still reigned and the money was still pouring...
...cure the ailing New Haven Railroad-and other money-losing roads as well-was drafted last week for the Interstate Commerce Commission. Written by ICC Commissioner Charles A. Webb and Hearing Examiner Richard S. Ries, the prescription is aimed at curing the New Haven's steadily rising deficit (expected to hit $14.4 million this year), but some of its ingredients are bound to leave a bad taste in the mouth of everyone from New Haven President George Alpert to the extra engineer who goes along for a free ride on diesel runs...
...relief. It suggested that 1) the 10% federal excise tax on fares be repealed, 2) the Federal Government should amend its tax laws to encourage states to give tax relief to the railroads, and 3) ICC should be empowered to rule unlawful any state's taxes on deficit-racked roads when they are excessive compared with those levied by other states (New York State taxes on the New Haven amount to $17,318 a mile v. Connecticut's $1,668 a mile...
Smithies indicated that Eisenhower's recent statement ordering action on the payments deficit gives the impression that "important economic and military reports of our foreign policy are dictated by the condition of the balance of payments." He pointed out two "disturbing aspects of the statement: its emphasis a reducing government expenditures broad and on the "Buy America" government procurement...