Word: deficits
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Dates: during 1930-1939
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Chief Presidential point was an imaginary graph on which, until 1953, the line of Federal revenues was falling further and further below the line of Federal expenditures, with a widening deficit between them. Then, said Franklin Roosevelt, he decided to do something courageous, to turn the line of Federal expenditures upward in hope that Federal revenues would also rise. They did and the Budget for fiscal 1937 was his crowning achievement, showing the line of revenues rising closer & closer to expenditures...
...months from now. ... I shall transmit [relief] estimates with far greater knowledge and, therefore, with greater accuracy in sufficient time before the adjournment of this session. . . ." Counting, therefore, on spending for relief in fiscal 1937 only $1,103,000,000, the budget showed a nominal deficit (exclusive of debt retirement) of $518,000,000, compared to an expected deficit of $2,682,000,000 for fiscal 1936. Thus unless $2,164,000,000 is spent in fiscal 1937 for WPA the deficit is going to be reduced. That WPA expenditures can be held to $2,000,000,000 is possible...
Knowing that he wanted to surprise the country with a deficit that would look like a trifling puddle beside the oceans of red ink spread on the Government's books during the past two years, many a Washington wiseacre believed the President would profess uncertainty of Relief needs. He might, for example, ask only a billion for Relief. This would lend the budget a cheerful aspect that would last through next year's elections, after which another Congress could appropriate another billion...
...present Great Northern security holders, the bankers would gladly underwrite the issue, thus assuring Mr. Kenney that he would have the money to pay off his maturing bonds on the dot. Considering the state of rail securities, the size of the issue and Great Northern's three-year deficit, the terms did not appear onerous-except to RFChairman Jesse Jones. Mr. Jones noted that on a when-issued basis the proposed bonds were already selling 8% above par. Evidently the public put a higher value on Great Northern's credit than did the bankers. So Mr. Jones wrote...
...This called for: 1. golf to be left out of financial program this year; 2. lacrosse, fencing, soccer, wrestling, cross country, and boxing to be left out at any time in the three years following the fall of 1936; 3. a budget cut of $20,000 dollars this year; deficit of H. A. A. assumed by the College; 4. compulsory Freshmen athletics to be supported by the Faculty of Arts and Sciences...