The Administration: Catching the Rabbit

Between sessions with visiting states men, Lyndon Johnson spent hours last week frowning over a thick green looseleaf notebook. Its neat rows of figures, summarizing every Government department's current and requested spending, persuaded the President that some hefty cutting remains to be done before his budget is completed around Jan. 1. Then, and not until then, will he decide whether or not to run the political risk of a tax increase in a congressional election year.

An even greater danger—for the nation as well as the Democrats—is inflation. As it whirls into its fifth expansionary year, the economy is...

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