Word: deficit
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Dates: during 1960-1969
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...year: that between $9 billion and $10 billion in additional funds will be needed to finance the Viet Nam war in fiscal 1967. That doubles the Viet Nam tab, raises the current defense budget to $68 billion and overall federal spending to $127 billion. It also means that the deficit for the fiscal year ending in June will total at least $10 billion...
With that kind of deficit at a time when inflation is still around, a tax increase would normally be called for. In fact, it should have come earlier in the year, when Johnson and Defense Secretary Robert McNamara first saw that a good deal more money would be needed to pay for the war. Now, because the President declined to act earlier, the case for a tax rise must be balanced against the state of a somewhat discombobulated economy...
...Doorstep. Not all the talent in the world, of course, can solve some of Lindsay's problems. Despite a variety of economy and efficiency measures, Lindsay faces another deficit threat next year, and he admits that local taxation has gone "almost to the point of no return." Lindsay believes that the city's agony of purse and soul begins at the ghettos' doorstep; while New York's operating budget has risen 150% in ten years, the cost of social-welfare services has gone up 222%. Lindsay hopes to relieve the mounting burden by changing the basic...
...most immediate problems as Governor will be financial. With more than 500,000 new residents pouring into California every year -plus 350,000 instate births -the state faces a continual crisis in providing essential services. Reagan's fiscal advisers have told him that he will face a deficit of $350 million next year, and the Governor-elect has already warned that new taxes may be forthcoming. "As the picture looks now," he says, "I don't see any other way out. It's a dark, depressing picture. We can't postpone the day of reckoning...
...most difficult portfolio of all: finance. Former Chancellor Ludwig Erhard's government in effect fell over the refusal of his Free Democrat coalition partners to go along with needed tax increases. But Strauss has less balky coalition mates. As a start toward wiping out the $1.5 billion deficit for the 1967 budget, Strauss did exactly what Erhard had wanted to do: increased taxes on gasoline and tobacco. The new political alignment made all the difference: Strauss's bill to collect an additional $375 million in revenues zipped through the Bundestag with a healthy majority. Marveled Hamburg...