Word: deficits
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Dates: during 1930-1939
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Three weeks ago President Roosevelt sent a budget message to Congress strongly urging economy and at the same time presenting estimates of revenues and expenditures showing a 1938 deficit of $418,000,000. Contrary to all recent precedent, most Congressmen passed over taxes and expenditures to seize on Economy as the thing which appealed to them most (TIME. May 3). There was still doubt, however, whether the President would drive a reluctant Congress, or the Congress would drive a reluctant President, to the first specific beginnings of Economy. Last week Congressmen gave indications that their good intentions were going...
...President, though talking economy, is still waiting for revenue to catch up to spending. On the evidence that expected 1938 revenues of $6,906,000,000 (an alltime high, 60% above pre-Depression normal) were yet expected to leave the Government with its eighth successive annual deficit, it appeared that Franklin Roosevelt had abandoned the Keynes theory by forgetting its second half...
...Relief figure below $1,500,000,000, Congressional spenders would have gobbled up the difference for pet projects not under direct White House control. Therefore, instead of making a forthright effort to balance the Budget by reduced appropriation or increased taxes, the President was deliberately setting up a deficit in order to scare Congressmen out of further spending. When Congress had adjourned he could set about economy by spending less than he was authorized to do. In short, a present paper deficit might make possible a future balance in fact...
...Deficit. The punch behind the President's economy drive was his revealing an estimated deficit of $2,557,000,000 for the fiscal year ending two months hence ($309,000,000 bigger than anticipated) of a $418,000,000 deficit for fiscal 1938 when the Budget was supposed to balance. Primary cause of these deficits is the failure of actual revenue to come up to the expectations of last January. This meant that instead of the public debt reaching a peak of $35,026,000,000 on July 1 and then receding, it would kee on going...
...with good intentions of the 75th Congress? Congressmen felt twinges of fiscal uncertainty in their joints. They could see that the President's example was not so strong as his precept. Although urging them to economize and promising "to use every means at my command to eliminate this deficit during the coming fiscal year," he did not reduce his own net aggregate of Budget requests. The expected $418,000,000 deficit of fiscal 1938 was accounted for by a reduction of $387,000,000 in revenues and an increase of $31,000,000 in expenditures over those he calculated...