Word: midyear
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Despite major increases for defense and education, the Administration expects that the record budget can be kept in balance without tax increases. On the revenue side it will recommend continued excise taxes, will gamble that a business upswing by midyear will guarantee a higher level of tax revenue than in 1958. On the expense side, the Budget Bureau will scissor administrative non-defense spending; e.g., the Interior Department will start no new dam or reclamation projects (with the possible exception of the $400 million-plus Colorado River storage dam at Glen Canyon, Ariz.); nonessential defense spending for "chrome trimmed" military...
...autos all were down, although much of the auto drop was due to the model changeover, and the Fed itself noted that November production schedules indicate a "marked recovery." Bank loans to business were also down in October to a total $31.3 billion, a decrease of $796 million since midyear v. an increase of $1.2 billion in 1956 during the same period. The climb in the cost of living was also slowing down. Still another factor was personal incomes: down $1 billion between September and October to an annual rate of $345.5 billion, though still 3½% higher than October...
THRIFTY AMERICANS are putting more into long-term savings than ever before. Institute of Life Insurance says that savings accounts, insurance policies and U.S. savings-bond holdings of average American household hit $5,100 at midyear v. $5,000 in 1956 and $4,000 in 1950. In 1957's first half, U.S. total swelled by nearly $9 billion to total of $253 billion...
...examples of the programs the Union Committee can sponsor, von Stade cited a series of three talks by members of the University staff two years ago under the auspices of the Union Committee. Last year, the group also sponsored a dance after midyear examinations...
STEEL PRICES will go up again at midyear, when steelworkers get their annual raise under three-year contract. Estimates are for boost of $5 to $6 a ton; increase will be less if production stays low (currently 92% of capacity), more if auto-buying picks up sharply later in spring...