Word: deficits
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Dates: during 1950-1959
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...surprising thing about the Administration's budget is not that it is not realistic in view of this year's $12 billion deficit, but that in its attempts to cut down expenditures, it has singled out the sectors of the economy closest to home. For instance, with a tight-purse policy the President believes he can save $600 million in housing expeditures, $400 million in agricultural expenditures, and $400 million by ending federal payments to State unemployment compensation programs (this despite the 4 million still unemployed...
...addition, Ike hopes to reduce the recurrent $350 million postal deficit by raising postal rates to 5 cents an ounce. And to top it all off, he expects Congress to approve an increase of 1 1/2 cents a gallon in the federal gasoline tax. This version of the "austerity program" hasn't a political prayer of being passed, and for more than one good reason...
...against the toughest defense in pro football. The Giants' defensive team had already blocked a Colt field-goal try, smeared Unitas himself at crucial moments, made a devastating goal-line stand inside its own 5-yd. line and had roared back from a 14-3 half-time deficit on the wings of aging (37) Quarterback Charley Conerly's passes for two touchdowns...
...trim its losses, the New York Central Railroad announced that it will pull out of the Railway Express Agency, Inc. Hauling express parcels on its passenger trains, the Central said, accounts for $11 million of the $52 million deficit billed for passenger trains. Said the Central's president, Alfred E. Permian: "The old method of collecting parcels at gathering points and then loading them onto passenger cars is obsolete...
Moneyman Bevan also reported that Pennsy's earnings were looking up. The road was in the black for November, with earnings wiping out the ten-month deficit of $2,872,716. He expects that the Pennsy will be in the black for the year. For 1959, Bevan was only mildly pessimistic: he warned that unless volume exceeds present expectations, "the earnings outlook is not particularly good...