Word: deficit
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Dates: during 1960-1969
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...Administration economist observed last month that if there were no Vietnam war the Federal government would have a budget surplus rather than a deficit. But there is a Vietnam war, and as military expenses grow interminably, the government anticipates a deficit of $29 billion for fiscal 1968. A deficit this large causes an excessive stimulus on the economy, and for that reason President Johnson asked Congress in early August to approve a temporary 10 per cent surcharge on income taxes for both individuals and corporations. He hopes this surcharge and other fiscal proposals will reduce the deficit by $11 billion...
...package that would impose, at least through 1969, a 10% surcharge on all corporate and individual income taxes. Along with borrowing and belt-tightening in such programs as public works, the President hopes the surcharge, which should bring in some $6.3 billion, will reduce the national budget deficit from a crushing $29 billion to between $14 and $18 billion...
...Ruinous Spiral." Without the surcharge, the President argued in his ten-page special message, the deficit could cause "a spiral of ruinous inflation which would rob the poor, the elderly, the millions with fixed incomes; brutally higher interest rates and tight money; an unequal and unjust distribution of the cost of supporting our men in Viet Nam, and a deterioration in our balance of payments by increasing imports and decreasing exports...
...large part of that rush for funds has been Washington-inspired. Without higher taxes, the U.S. Treasury would be forced to siphon nearly $15 billion out of the long-term money market during the second half of 1967 to pay the deficit-plagued Government's bills. Another $25 billion of maturing federal debt must be refinanced. Figuring that Treasury financing on such a scale would drive interest rates above their present levels, many corporations have accelerated their borrowing lest they be caught in another credit squeeze...
...Americans have never been so overcommitted in foreign entanglements," thundered a recent editorial in the Deseret News. "Never have their natural resources been so extravagantly used, never has the national deficit been so great except in times of all-out war, never have taxes been higher, inflation more out of hand; never has youth faced a more uncertain future, never have there been heavier encroachments on personal liberty by an all-powerful federal government, never has crime been more ugly and broad, never the air more polluted, food, clothing more expensive-ad infinitum...