Word: outgoing
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Dates: during 1950-1959
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...disappointment. Federal income in 1960, said the report, will come to $75.8 billion instead of the $77.1 billion predicted in the President's 1960 budget. If so, a deficit of at least $1.2 billion is inescapable even if Congress votes not a nickel more for outgo than the $77 billion that Ike requested. Actual 1960 spending, the report continued, is likely to reach $80 billion-and that would mean a $4.2 billion deficit...
...case for lower price supports.*The arithmetic of Benson's battle fatigue: when he took over as Agriculture Secretary six years ago, he vowed to slash the cost of farm programs, which had averaged $1.5 billion a year in 1950-52; but in 1956-58, Agriculture Department outgo averaged $4.5 billion a year, and in the current fiscal year the total is estimated at a shocking $7 billion. The Federal Government's inventory of wheat, corn, cotton and other surplus farm commodities recently climbed to a new peak of $9 billion. And out in the wheat and corn...
...defense budget comes to $40.9 billion, an increase of one-fourth of 1% over this year, not enough to cover price up-creep. A 12% boost in research and development funds is balanced by a 15% cut in military construction outlays. Procurement outgo stays about the same, $14 billion, with no money for Air Force interceptors or phased-out missiles such as the Navy's Regulus II, more money for newer missiles. The Air Force's missile-of-the-future, the solid-fuel Minuteman, is scheduled for a 40% increase to $270 million. Within the defense budget...
...income by 1969-"makes adequate provision" for estimated future payments. This year OASI will pay out $9.7 billion, around $1 billion more than it takes in, but it will still have nearly $21 billion in the kitty, and from 1960 on, income is expected to exceed outgo "every year for many years into the future." The advisory council's real worry is that creeping inflation might make the payments worth disappointingly little by the time a young wage earner gets around to harvesting his share at age 65. "The social security system," warned the council, "has created for millions...
Urge v. Surge. Income and outgo, the President announced, will run "in the general area" of $77 billion (TIME, Dec. 29) -an outgo some $2 billion below this year's spending level of $79.2 billion. The Defense Department will actually get an unspecified bit more than the $40.8 billion it is spending this year. "Reductions in total spending," said the President hopefully, "will be achieved in part by reason of the ending of temporary programs in agriculture, unemployment insurance and housing...