Word: deficit
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Dates: during 1960-1969
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...holy fabric of freedom" than to preserve it. "We are weakening this country. What we are doing is sending our men over there and having them slaughtered. We are spending our money, we are disrupting our economy, we are threatened with inflation, we are confronted with an enormous deficit...
...growth rate sagged to a mere 1½% (after discounting for 3.9% price inflation). Though overall growth has picked up a bit since then, industrial production and private investment have not. The country's trade gap, a major source of its pound-threatening balance-of-payments deficit, has actually increased. Last week the Treasury announced more discouraging news about the pound's health: a $2,500,000 drop in reserves of gold and convertible currencies during September to the lowest level in two years...
...forward since the creation of the IMF" 23 years ago at Bretton Woods, N.H. It was also a considerable personal triumph for U.S. Treasury Secretary Henry Fowler, who had to overcome the fears of skeptical central bankers that the U.S. would use S.D.R. to cover up its chronic payments deficit...
Picaresque Assets. True to Gaullist form, the French insisted that the U.S. must end that deficit before any S.D.R. are created, but their stand won scant support from other countries. More worrisome was French Finance Minister Michel Debré's demand (supported by West Germany) that IMF's charter be revised to give the Common Market veto power over all future expansion of IMF reserves and the use of IMF loans by debt-laden countries. "If we don't get our way," threatened one European finance chief, "the Americans aren't going to get any monetary...
Treasury Secretary Henry Fowler was as blunt as he was gloomy. Failure to enact a 10% income tax surcharge, he told Congress last week, would leave the U.S. with "an economy in shambles." Without higher taxes, insisted Fowler, the nation faces "the biggest deficit since World War II, an overheated economy and spiraling inflation, sky-high interest rates and tight money for all borrowers...