FISCAL: Still Trying

In a midyear review of the nation's finances, President Truman last week announced an earnest, all out drive to push the year's U.S. budget into the black. Making extraordinary use of his executive powers, he ordered the Secretaries of Army, Navy, Interior and Agriculture and four agency heads to slice at least $2.2 billion from the bankroll already authorized by Congress. Even this was not quite enough. The estimated deficit,* after the cutbacks, would still be $1.9 billion.

Since January's tentative forecast, estimates for both receipts and expenditures had been revised upwards. Government income, spurred by better-than-anticipated earnings, is expected...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!