Word: limiteds
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Dates: during 1950-1959
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Ultrasound, as the practitioners of a new and arcane art call it, refers to vibrations above the limit of human hearing (about 20,000 cycles per second*) In industry ultrasound waves are used to precipitate carbon and sulphur from chimney exhausts, abating the smoke nuisance and recapturing useful materials, and for testing big metal components such as locomotive axles for flaws. In dentistry there is the ultrasonic drill. In medicine a few enthusiasts have reported good results with ultrasound in arthritis, neuritis, muscle spasm and athletic injuries. It will break up gallstones or kidney stones in an animal...
...PRIME financial question confronting the Administration is whether or not Congress should be asked to increase the national debt limit beyond its present $275 billion ceiling. The federal debt last week stood at $273,351,797,516.09, only $1.7 billion under the legal ceiling and with seven months still to go in fiscal 1958. The Treasury steadfastly maintains that it can squeeze by under the ceiling. But many Administration economists doubt it. They argue that the debt limit must be raised, not only so that the U.S. can go on paying its bills, but also because the $275 billion ceiling...
...From October through February, Treasury income is at its lowest point, while expenditures continue at their high level. In fiscal 1957, for example, the U.S. Government collected $24.4 billion from October through February, but spent $29.2 billion. Realizing its predicament, the Treasury got Congress to boost the debt limit temporarily to $278 billion until income picked up again. Early this year the Treasury thought it could get by, asked for no increase. But since then, estimated expenditures have gone up, while income may well decrease as a result of the business decline...
...actual dollars and cents, the total obligations of the U.S. already exceed the $275 billion debt limit, though technically the Treasury's books still show a $1.7 billion leeway. The Federal National Mortgage Association and the Agriculture Department have issued $2.8 billion in notes and debentures held by banks and private investors. These do not show up as part of the "national debt," though they are Government obligations...
...these reasons, many a financial expert thinks that the U.S. must not only lift the debt limit; it must also change the way it thinks of the debt. When the ceiling was put on, the debt was 130% of the gross national product. But as the economy grew, the comparative size of the debt shrank until now it is only 62% of the gross national product. Thus, the federal debt could be doubled-and the burden would still be less than it was ten years...