Word: outgoing
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...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...
...Income. Proposed hikes in the federal gasoline tax, aviation gas tax and postal rates (first-class mail to a flat 5?) will, if approved by Congress, help bring income into line with outgo...
...planning to spend a whacking $5 billion for the fiscal year, largely in efforts to cope with surpluses that are encouraged by high price supports (TIME, Aug. 19). But abundant spring rainfall brought lush crop prospects, notably in the long-parched Great Plains, and the department's outgo estimate mushroomed to $6 billion-more than twice the combined outlays of the State, Justice, Interior, Commerce and Labor departments. In a rational world, good crop weather ought to count as a national blessing, but under the archaic, surplus-spawning price-support laws, it only serves to boost the already scandalous...