Word: deficit
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Dates: during 1960-1969
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With Defense Secretary Robert Strange McNamara in Saigon on his ninth visit in six years (see THE WORLD), many citizens unhappily anticipated a recommendation for still more troops -and a sizable price tag that would surely accompany such a recommendation. Because the budget deficit totaled some $11 billion last year and could possibly go as high as $25 billion in the current fiscal year, a tax increase is pretty much taken for granted around the country. It might be 6%, or it might be possibly as high...
...Canceling a scheduled trip to the U.S. for talks with President Johnson, Kiesinger instead sat down with his ministers in the longest Cabinet meeting in the history of the Federal Republic-three agonizing days and nights of debate over how to put the economy and the government's deficit-plagued finances in order. The most dramatic result was a decision at week's end to make a major cut-between 40,000 and 60,000 men-in West Germany's 460,000-man army, thus trimming 20% from the country's $5 billion-a-year defense...
...city's books currently indicate a $3 million deficit, and rough estimates show that the tax hike will be in the neighborhood of $6 to $82 per $1,000 assessed value...
...million deficit in the City budget resulted in part from increased salaries for city employees and new construction underway in Cambridge...
Martin's argument was founded on anticipation of a huge and inflationary federal budget deficit. Having closed the 1967 fiscal year July 1 with a deficit of about $11 billion, second highest since World War II, the Administration now estimates that the next year's will be $13.6 billion. Treasury Secretary Henry Fowler recently admitted that it might go as high as $24 billion, mostly because of the Viet Nam war. Warned Martin in Toledo: "We must have adequate, effective-and above all -prompt tax action that would whittle down the deficit to manageable proportions. Delay would permit...