Word: deficits
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Dates: during 1950-1959
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...laid his political prestige on the line with a sheaf of legislative proposals, and came through with banners waving. He pushed through a state FEPC, abolished the oddball cross-filing system for party primaries, organized down-to-smokestack antismog attack, raised taxes enough to trim a threatened $201 million deficit to $5,000,000, launched a long-dreamed-of $2 billion waterway program to deliver Northern California's water to Southern California's arid, sunny region (TIME, June 29). He gained effective control of a divided party, has cagily chaperoned visiting would-be nominees, giving none a chance...
...Abraham A. Ribicoff, 49, onetime police-court judge and Congressman (1949-53), has gained impressive stature in his five years in office, pushed a broad reform program through the now Democratic legislature. He got a balanced budget (but slid from a 1957 surplus of $32.3 million to a deficit this year of $10.5 million), court reform, a tough law on automatic suspension for convicted speeders, a tourist-luring ad campaign, abolition of the 300-year-old county-government system. A Jew, he has since 1956 gone into other states-last week into California-as an all-out backer of Roman...
Washington's Albert Dean Rosellini, 49, son of an immigrant Italian grocer, was a freewheeling Seattle criminal lawyer and 18-year state senator, won his four-year term in 1956. His overoptimism on tax estimates, plus the recession, ran up a $48 million deficit in his first biennium, which he dealt with in this year's legislature-Democratic in both houses by the largest majority since New Deal days-by pushing through tax boosts that set off a short-lived taxpayer revolt. In Protestant-majority Washington, Rosellini shivers at the fear of a Catholic presidential candidate calling attention...
SOCIAL SECURITY FUND will run $87 million in red for fiscal year, which began July 1. Higher social security taxes, which went into effect last Jan. 1, are expected to boost fund's income over outgo, starting in 1961; fund's $1.5 billion deficit, accumulated over past three years, is scheduled to be repaid...
...from the economic boom. The two biggest U.S. roads, the Pennsylvania and the New York Central, last week reported climbing profits. The Pennsy's $4,512,912 profit for May (34? a share) set a 2½-year record, changed the big road's $2,264,466 deficit at the beginning of the month into a solid profit for the year's first five months. For the third month in a row, the Central's earnings were up, reached $3,346,217, or 52? a share, giving the Central a $6,500,000 profit...