EVEN in the most tranquil of times, a federal budget contains much guesswork: spending, revenues and general economic conditions for a period ending 18 months after the calculations are made must be reduced to hard figures. The Administration's fiscal-1969 budget presented to Congress this week contains more than the usual quota of uncertainties because of war, both raging and threatened, in Asia; volatility in the domestic and world economies; hostility to new taxes, and the fractiousness of election-year politics.

Lyndon Johnson met these vagaries headon, but the outcome of the collision cannot be...

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