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Treasury Secretary George Humphrey's critics like to think that his idea of heaven is an enormous mass of carefully audited ledgers, in each of which income exactly balances outgo. As far as a balanced federal budget is concerned, Humphrey is still far from heaven. Last week, with Budget Director Rowland Hughes, he held one of his rare press conferences, to explain new budget estimates for fiscal 1955, and spent most of his time parrying pointed questions from reporters...
...black for the first time since the Korean war as the books closed this week for fiscal 1954. The cash budget consists of daily expenditures and the money actually taken in (including social-security payments). The administrative budget, which is the Government's planned income and outgo, is still $3.2 billion in the red. This deficit is expected to drop to $2.9 billion next year and the cash budget is again expected to balance...
...designed." Yet even with recent improvements, the method of computing the budget makes it hard to talk about Government finances and make sense. For example, the Administration expects a budget deficit of $3.8 billion in the current fiscal year; yet also hopes its cash income will fall short of outgo by only $500 million...
This is possible only because the U.S. actually has not one budget but two. The official budget is the "administrative budget,'' which records all planned income and outgo by the Government for the year. But there is another budget, the "consolidated cash budget." It shows the actual flow of cash in and out of the U.S. Treasury. This cash budget differs from the administrative budget in two ways: 1) it takes no account of the money that the Government transfers from one pocket to another (e.g., the $1 billion in interest paid annually on bonds held...
...limit (TIME, Aug. 10) left the Treasury "too little headroom for safety." (Last week the national debt stood at $273 billion.) But, barring emergencies, he thought the Administration could squeak through until January without calling Congress to raise the debt limit. And he had high hopes that income and outgo would finally balance by the time fiscal 1955 begins next July...