Congress could hardly wait to get at Harry Truman's veto of the tax-reduction bill. When it came, it was heavy with sober warnings. The President argued that it was unwise, in a time when new expenditures for defense and foreign aid were in prospect, to cut revenues to such an extent "as to make likely a deficit."* Furthermore, he said, the bill would "greatly increase" the danger of further inflation by increasing civilian purchasing power.
But legislators who remembered Truman's own ill-considered "$40-and-a-mule" plan for tax reduction were not impressed. Thirty-eight minutes after it had received the President's veto,...
To continue reading:
or
Log-In
