With the U.S. Government running into the red at the rate of $10,000 a minute, gaunt, grey Economist Edwin G. Nourse last week issued a stern warning. Said President Truman's former chief economic adviser: the Administration's reckless spending under its "pie in the sky" philosophy would, unless checked by tough-minded slashes, lead to "strain and possible breakdown" of the U.S. economy by 1951.

Herman W. Steinkraus, Connecticut manufacturer (Bridgeport Brass Co.) and president of the U.S. Chamber of Commerce, saw the same danger. "Every group is pressing on Washington to get more, more, more," said Steinkraus at a Cincinnati luncheon...

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