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...
To continue reading:
or
Log-In
