Word: fiscales
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Dates: during 1930-1939
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Such (with the customary split infinitive) was President Hoover's answer last week to the 47th deficit in U. S. fiscal history, estimated at $800,000,000 by June 30.* His statement was designed to reassure Business & Industry and to ease the prospective popular pressure on Congress at its next session for additional relief funds for this, that & the other. The President was going to rely upon short-term borrowings to keep the Government going until better times. This policy has the support of all regular Republicans who are well aware that any tax-upping next winter would...
...week were announced final March income tax receipts: $334,000,000 compared with last year's $559,000,000. What makes this tax decrease even more troublesome to the Treasury is the fact that the last two payments (Sept. 15 and Dec. 15) will fall within the next fiscal year, and thereby start rolling up another deficit for 1932 which may equal this year...
...fund to amortize the Public Debt be temporarily suspended. This year's sinking fund payment is fixed by law at $440,998,200. But even its application will leave the Public Debt ($16,582,868,400) almost $400,000,000 larger than it was at the beginning of fiscal 1931. This increase in the debt represents approximately the amount of new money (as distinguished from refinancing loans) which the Treasury has had to borrow this year...
Bonus Loans. Most confusing of fiscal figures in the public mind was the part the new Bonus loan law was playing in the deficit. Last week the ex-Veterans Administration issued statistics which showed that the law has played no part so far. indicated that it was likely to continue playing no part. Each year since 1925 Congress has been putting approximately $112,000,000 into a reserve fund with which to pay the Bonus certificates. This year the fund totals $934,000,004, including a double appropriation made by the last Congress. This reserve, which has nothing...
...make matters worse, other sources of revenue were also dwindling, and Government expenditures were constantly increasing. Customs receipts were $128,000,000 behind last year; miscellaneous taxes were down another $38,000,000. Outgo for fiscal 1931, now almost three-quarters over, was $200,000,000 larger than for the comparable period last year. The total of these circumstances spelled only one word: DEFICIT. President Hoover last December estimated the shortage at $180,000,000 for next June 30. Soon he revised it up to $350,000,000. When Congress passed the Bonus Loan bill he boosted...