In his annual budget message, the President proposed a record peacetime high in spending: $41.9 billion. (Estimated expenditures this year: $40.2 billion.) He asked for a $5.9 billion tax boost,* even though, at current tax rates, estimated revenues for fiscal 1950 are only $873 million shy of what he proposes to spend. The trouble is, the President explained, there is always a lag in collections.
Arms and foreign aid together, said the President, would take 50ยข of every tax dollar next year. The items:
Foreign Aid. $6.7 billion, chiefly for ECA and to support the Army's relief program in occupied areas. China aid...
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