FISCAL: Three Years

The Secretary of the Treasury and the Director of the Bureau of the Budget are responsible for the figures, but the President of the U. S. is responsible for the finances of the U. S. He must answer to the stockholders of that great corporation, the Nation.

Last year President Hoover predicted surpluses for fiscal 1930 and 1931 (TIME, Dec. 16, 1929). Last week, on the heels of his message on the State of the Union, he sent to Congress an annual Budget Message in which he was forced to revise last year's...

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