Public Policy: Which Budget to Balance?

When the Kennedy Administration closes its books for fiscal 1962 two months from now, the recession-ridden federal budget is certain to wind up somewhere on the order of $7 billion in the red. And there is scant relief in sight. Though the President a few months ago talked hopefully of showing a surplus for fiscal 1963 (see chart), most economists last week agreed that a budget deficit of from $2 billion to $5 billion is likely next year, too.

All this leads many businessmen to question the right of the President to accuse steel companies of being inflationary when they...

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