THE PRESIDENCY: Where the Money Goes

"For the time being, and perhaps for a long time, we must sail a middle course in an uncertain sea," wrote the President of the U.S. to Congress last week. Harry Truman's middle course, as he went on to chart ft in his budget, lay somewhere between guns and tools on the starboard, and butter on the port. A year ago he had insisted on a "pay-as-you-go" tax program. Now it was clear that he was sailing directly—if regretfully—back into the perilous waters of deep-deficit financing.

The cost of running and protecting the U.S. will come to $85.4 billion for...

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