Word: deficits
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Dates: during 1960-1969
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Faced with the possibility of a $25 billion federal deficit for the current fiscal year, Congress is in a cutting mood. The House has already axed the rent subsidy and rat-control programs, and last week the Senate Foreign Relations Committee lopped a whopping $736 million off the Administration's $3.4 billion foreign-aid request. But Congress also knows where charity begins. When a $276 million congressional housekeeping bill came to a vote recently, members hooted down proposals for a 5% reduction. And in a deficit-be-damned mood last week, the House passed...
...million to control water pollution. There's the rub. Because the bill goes to the White House as a single package, the President, lacking an item veto, must reject the entire bill or accept it all. And no Congressman doubts that Lyndon Johnson will have to forget his deficit, gulp hard and swallow the bill whole-including such frills as the Delaware River-Tocks Island reservoir and recreational program at the New Jersey-New York-Pennsylvania border, which was originally supposed to cost $90.4 million but has since grown to a tidy little $198 million affair...
Troubled Allies. The planned withdrawal is as much due to Britain's strict austerity drive-initiated a year ago-as it is to De Gaulle. The British are having a hard time trying to wipe out their foreign-trade deficit and shore up the pound, which last week was shakier than it has been for a year, partly because of trade losses stemming from the war in the Middle East. Thus, the $384 million that Britain paid last year for the upkeep of bases outside Europe looked like a luxury. Healey intends to cut this figure to about...
...effort in Viet Nam. It would have required mobilization of some reserves, and that would have been extremely expensive. Momentarily, the President is expected to renew his January request for a 6% surtax on personal and corporate income taxes, in hopes of whittling down the big budgetary deficit anticipated for the current fiscal year. Calling up the Reserves could have forced him to peg the surtax closer...
...Washington to confer with the Joint Chiefs at the Pentagon. He was barely able to conceal his anger over the suggestion that U.S. forces were not being used at full efficiency. It seemed he was taking a bum rap so the President and McNamara could hold down the budget deficit and avert a bigger tax increase...