Word: outgoing
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While the nation was dividing itself into clangorous groups of hard and soft money men last week, frantically trading theory for theory as prizefighters swap punches, a plainspoken, uncompromising young Arizonan who parts his hair in the middle and knows more about Government income & outgo than anyone else, arrived in Boston to speak a few hard facts. He was Director of the Budget Lewis Williams Douglas, addressing the annual conference of the New England Council (industrialists, businessmen). As a spokesman, he had come neither to praise the Administration's fiscal policies nor to bury any illusions about them...
...sick giant, the Federal Budget continued to make news last week about the public credit of the U. S. On April 18 the red line of the deficit broke through the billion-&-a-half-dollar mark for the first time in fiscal 1933. On that day Federal outgo ($3,102,172,570) since July 1, 1932 exceeded Federal income ($1,598,325,881) by $1,503,846,689.* The Public Debt stood at $21,452,266,588, an increase of $1,965,263,144 in the form of borrowings to meet current expenses since the beginning of fiscal...
...with $30,000,000 deposits, for which a "conservator'' was promptly appointed.† Nine state banks were also kept shut. As depositors trooped in with funds that had been unbankable all week, bankers cheerily announced that the rate of return was far faster than the rate of outgo had been...
...burly Jackson Eli Reynolds, president of First National Bank of New York, and Myron Charles Taylor, handsome board chairman of U. S. Steel. Their harping on the benefits of a balanced budget vexed the committee, but when Senators badgered them with pointed questions as to how & where income and outgo could be evened up, neither witness had an answer. Times & Sense. Declared Banker Reynolds: "I don't believe in the omniscient power of any man to point the way out of this situation. . . . Ninety-nine out of 100 persons haven't good sense. In good times they...
...stir President Hoover into alarmed action about half way through each session of Congress. Last week astute United Pressmen at the White House thought they saw the customary signs, forecast one more special message to Congress in which the President would urge an evening up of income and outgo without making specific recommendations on how this was to be accomplished. The Associated Press accepted a routine denial by the White House Secretariat that any such message was contemplated...