Word: fiscales
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Dates: during 1930-1939
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Outlay. When President Hoover planned the budget for fiscal 1934 the expected outlay for the Government came to $3,257,000,000.* President Roosevelt did two things to that figure. He lopped off $360,000,000 of veteran's pensions, and he set aside in a separate budget all emergency expenses. Last week's budget message estimated the Government's ordinary expenses (the cost of running its various departments, of paying veterans' pensions, interest on U. S. obligations, etc.) at the comparatively modest figure...
...Fiscal 1934 Fiscal 1935 (in millions) (in millions) PWA $1,677 $1,090 Conservation Work. . 342 65 Bank Deposit Guarantee 150 none RFC 3,970 } Unforeseen Expenses 1,166} 2000 All Others...
Income. The President estimated U. S. revenues, including processing taxes, at $3,260,000,000 for fiscal 1934 and $3,975,000,000 for fiscal 1935. To estimate these revenues it was necessary to guess at the state of business. His guesses (technically based on the Federal Reserve Board's index of industrial production) : business in fiscal 1934 to average approximately the same as business in 1931, business in fiscal 1935 to average just a shade better than business in 1930. His estimates of revenue did not include about $50,000,000 which may be added if the Federal...
...would call a halt: "We should plan to have a definitely balanced budget for the third year of recovery [1935-36] and from that time on seek a continuing reduction of the national debt. This excess of expenditures over revenues amounting to over $9,000,000,000 during two fiscal years . . . is a large amount but the immeasurable benefits justify the cost. ... If we maintain the course I have outlined we can confidently look forward to ... increased volume of business, more general profit, greater employment . . . greater human happiness...
...Hitherto RFC outlays have never been treated as expenditures. The RFC secured cash by selling its debentures to the Treasury. The Treasury treated the transaction not as an expenditure but as an investment (which it nominally was). Thus the $2,045,000,000 passed out by the RFC in fiscal 1932 and 1933 was not treated as a Government expenditure, was not added to the deficit, although it increased the public debt. Thus the President might have ignored the $3,970,000,000 RFC outlay of 1934, might have announced a deficit...