National Affairs: Relief Ahead

A fortnight ago, Harry Truman admitted what others had suspected for weeks. Far from showing a $2.3 billion deficit, the Government would close its books on fiscal 1947 with a neat surplus. Unofficial guesses ran as high as a whopping $4 billion. Last week President Truman gave the Treasury's cautious estimate: $1¼ billion.

To Republicans, the information was encouraging. But it scarcely changed their plans as the Senate Finance Committee, headed by Colorado's Eugene Millikin, this week set to work on the House tax bill. The 1948 budget, they figured, could safely be cut by $5¼ billion, no more. Next year's revenues...

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