Red into Black?

As President Truman sent his 1950-51 budget to Congress this week (see NATIONAL AFFAIRS), the businessmen's Committee for Economic Development put out a budget of its own. There was a great difference. Harry Truman's budget forecast a deficit of $5.1 billion; the C.E.D. showed how the U.S., by cutting both expenditures and taxes, could cut that deficit to $2.7 billion. And if business, now on the upgrade, improved enough to cut unemployment to roughly the 1948 level, C.E.D. figured that there could even be a presidential budget surplus of as much as $1.5 billion.

C.E.D.'s budget experts were headed by J....

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