Nobody offered much argument last January when President Truman predicted a budget deficit of $5.1 billion for the 1950-51 fiscal year. But last week things looked a little different. U.S. income, thanks to the boom, was running well ahead of estimates. Thus, chances were good that the deficit would be much smaller than estimated even with new arms orders, since actual spending lags far behind appropriations.
For July and August, the first two months of the fiscal year, Treasury receipts were 7% higher than the same period last year and expenditures were 26% less. At this rate, Treasury's income at...
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