Word: deficits
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Dates: during 1960-1969
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...nonetheless real has been the department's stepchild status in Washington. Congress looks at the Post Office Department as one of the last big pork barrels. Appointments and construction schedules both remain matters of patronage. Because the Post Office charges the public for service, the chronic P.O. deficit - estimated at $1.2 billion for the current fiscal year - is a subject of congressional ridicule. Yet it is Congress that sets the rates, fixes wages, and writes other regulations that assure losses in most postal operations...
...President in January projected a small, noninflationary budget deficit for fiscal 1967, which began in July. As it turned out, the cost of Viet Nam this year was $10 billion greater than the President publicly estimated, and, says Chicago Economist John Langum, "Viet Nam was to the booming economy like too much beer to a weak bladder." Instead of raising taxes to finance the war and frustrate inflation, Johnson took the politically easy way out, left it up to Martin's Federal Reserve Board, and through it U.S. bankers, to crimp the nation's credit. The irony...
...June, the Treasury ordered corporations to pay their withholding taxes for employees twice a month instead of only at each month's end. While these two actions did not really boost taxes but simply made for earlier payment, they had the cosmetic effect of temporarily making the budget deficit appear smaller than it was. Corporations borrowed billions from the banks to pay for the speedup. In effect, the banks had been obliged to finance the narrowing of Johnson's budget deficit...
...fallen about $2 billion from the end of June to the end of July, a record high $3.7 billion in new issues of bonds and stocks hit the money market in August. Meanwhile, the U.S. Treasury was corning to the banks for billions more to finance the budget deficit. Under longstanding moral and legal commitments that they could not ignore, the banks were also shelling out corporate loans faster than they were taking in deposits. In New York City banks, the ratio of loans climbed to well over 70% of deposits, a 45-year peak...
John Whitbeck came back from a 1-2 deficit...