From Denver last week, President Eisenhower sternly ordered agency heads in Washington to "take every possible step" to pare expenditures during fiscal 1954. As news dispatches told it, the directive was aimed at avoiding a special session of Congress to lift the $275 billion debt ceiling which Congress refused to raise three weeks ago. Actually, Eisenhower was looking farther ahead: "You will be expected to make substantial reductions in your requests ... for the fiscal year 1955-"

The debt-limit squeeze between now and January, when first-quarter tax collections will temporarily ease the strain, is a minor headache compared to the...

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