Word: prospect
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Dates: during 1950-1959
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...budget was, even before Sputniks, the biggest ($71.8 billion) in the nation's peacetime history, and it stirred a protesting clamor (if very little real budget cutting) on Capitol Hill. Now the Administration faces a need to add at least an extra billion or two for defense. That prospect is all the more complex because 1) the national debt is already scraping the legal debt ceiling ($275 billion), and 2) the 1957 recession will almost certainly shrink the Government's predicted tax returns, will also probably warm up tax-cut sentiments. To arrive at a balanced budget...
THREE or four years ago. the arrival of Richard Nixon in the White House would have seemed a dreadful prospect. He seemed an unprincipled smart aleck. a witch-hunting demagogue, and so ambitious that no price seemed too high for a chance at the presidency...
Just six months earlier, he had discussed with his wife whether or not he should apply for one of the several excellent coaching jobs which were then available. They decided to stay in Gettysburg. Yovicsin did not like the insecure prospect of coach at a school where a coach had to win consistently or lose his job. He preferred to stay where...
Whether the Treasury makes it or not, many economists agree that it is high time for the U.S. to realign its thinking about the $275 billion ceiling since fiscal 1959 may bring even more serious debt management problems with heavier defense outlays in prospect (see NATIONAL AFFAIRS). The main value of the $275 billion figure has been to act as a psychological drag on Government spending. Originally set in 1946, when the debt was $269 billion, the ceiling was low enough to remind the U.S. of the need for economy, but high enough to give the Treasury leeway...
Ever since the Government accused General Motors last July of making $17.4 million in excess profits on a contract to build 599 F-84F Thunderstreak jet fighters (TIME, Aug. 5), G.M. has jittered at the prospect of a court case and possible bad publicity. Last week Louisiana's F. Edward Hebert, whose House Armed Services Subcommittee had brought out the original charge, announced that G.M. has moved to settle with the Government. It offered to refund a total of $9,701,458 to the Air Force. Already in the hands of the Air Force is a check...