Word: deficit
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Dates: during 1960-1969
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...import U.S.-approved products, about half of which are American. The U.S. pays the foreign supplier for the purchase in AID dollars; the local importer pays in Vietnamese piasters (at the official exchange rate of 60 to $1) and the piasters are channeled into the Saigon government's deficit-ridden defense budget. The importer owns the goods, to dispose of pretty much as he chooses...
...with only two assistant editors, Podhoretz commissions most articles himself, although some 5,000 unsolicited manuscripts arrive every year. Over its two decades, Commentary's price per issue has grown from 400 to 750, and its circulation has gradually risen from 14,000 to 57,000. Its annual deficit has been cut from $100,000 in 1963 to $30,000 this year. By the end of 1967, Podhoretz expects to break even. Aimed originally at New York's intellectual community, Commentary now reaches across the country and is widely read in Washington. To his surprise, Podhoretz is courted...
...tapping Eurodollars, American industry can expand abroad without adding to the nation's troublesome balance-of-payments deficit. To do so, of course, even blue-chip firms must pay Europe's soaring interest rates, which lately have gone to 6½% to 7%. The climb has been so swift, in fact, that at least nine of the last 24 U.S. corporate issues were selling below their offering price last week. Among Continental underwriters, the current morose joke goes: "Playing the bond market is no longer speculation because you're bound to lose...
Bitten Bettors. With Britain struggling to defeat inflation at home, modernize its outmoded industrial plant, and raise exports so as to end its balance-of-payments deficit, most of Callaghan's countrymen were braced for higher income, sales, tobacco and liquor taxes, and perhaps higher down payments on installment purchases. They got nothing of the sort...
Since every loan dollar sold would be counted as a dollar saved under the federal accounting system, the measure would have the effect of reducing the Government's deficit by $4.7 billion in the coming fiscal year. Despite Ford's criticism, few Congressmen, even those unsympathetic to the Administration, would be likely to accept the alternatives, a tax boost or a sharp reduction in domestic spending, or even offer spirited opposition to a scheme that their constituents could hardly understand. The House Banking Committee found it reasonable enough, approved the bill by a vote...