Blueprint for Balance

Like any citizen who is spending more than he makes, the U.S. Government is doing a poor job of running its fiscal affairs. How can it do better?

To find out, a bipartisan Senate-House subcommittee, headed by Illinois' Democrat Paul H. Douglas (TIME, Jan. 16), put this question to almost 500 U.S. economists, bankers and federal officials. Last week, in a clear, plain-speaking 50-page report that was notable for its lack of political partisanship, the subcommittee laid out a blueprint to put the U.S. fiscal house in order.

Its most important conclusion was that in prosperous times like the present the federal...

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