FISCAL: $8 Billion Day

For the Government's bookkeepers, New Year's Day came last week. Treasury Secretary John Snyder greeted it happily. His balance sheet of the world's biggest business for fiscal 1948 read:

Receipts $44,745,542,076.64

Expenditures 36,326,072,232.83

Surplus $8,419,469,843.81

The surplus was the biggest in U.S. history.* Spending was down $6.17 billion from fiscal 1947, due largely to military savings and delays in foreign-aid spending. Revenues were up $1.4 billion (other taxes more than made up the $600 million loss in reduced income taxes).

As the money rolled in during the year, the national debt was pared by almost $6 billion, now stands at $252 billion...

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