National Affairs: Possible Course: No Deficit

There is no sense in debating whether an income-tax cut or a balanced budget should come first, the U.S. Chamber of Commerce said last week. The two "should go hand in hand." To achieve this happy combination, the chamber proposed that the $9.9 billion deficit in the budget submitted last January by Harry Truman can be wiped out as follows:

¶ Since they are just bookkeeping items anyway, take out of the budget the $1 billion in interest the Government pays itself on bonds held by its own agencies and the $2.3 billion it allocates to its own trust funds.

¶ Assume...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!