THE PRESIDENCY: Revolving Rabbit

Senator Jimmy Byrnes last week wrote Franklin Roosevelt a note asking how he felt about the $125,000,000 which the House took out of WPA's new money for 1940 and allotted to PWA for heavy construction (TIME, June 26). When Jimmy Byrnes got his answer, it took his breath away.

Without prior notice to any of his Congress leaders, Mr. Roosevelt suddenly produced from his magical hat the long-awaited Great White Rabbit of 1939. It was a revolving, self-liquidating rabbit and Mr. Roosevelt put its life at a maximum seven years, its first-year size...

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