FISCAL: Real Deficit?

When Congress is about to sit and Washington fills up with legislators full of ideas on how to spend the Government's money, it is customary for the President to announce that there is not very much money on hand, that the Budget will show a greatly reduced surplus, perhaps even a deficit. Then, after all the appropriation bills are passed and Congress has adjourned in March, a smart Secretary of the Treasury discovers that the books will balance after all, that the Administration has been economical and wise.

Last week there was a...

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