The Budget: Cutting the Butter

"The budget for 1967," said the President, "bears the strong imprint of the troubled world we live in." The figures presented to Congress this week bore him out. The Federal Government's 1966-67 administrative budget totals a record $112.8 billion, $6.4 billion more than the expected spending for the current fiscal year.

The increase largely reflects the cost of the war in Viet Nam, which Lyndon Johnson estimates at $10.5 billion (up from an estimated $4.8 billion for 1965-66) out of a total defense outlay of $60.5 billion. In addition to maintaining an...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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