THE PRESIDENCY: A Matter of $40 Billion

President Truman last week journeyed to Groton, Conn., for the keel-laying ceremony of the first atomic submarine, Nautilus (TIME, Dec. 17). The Nautilus is further along than the term keel-laying suggests. Many of its parts have been prefabricated; it should be in the water early next year.

Truman took the occasion to swipe at a remark attributed to Eisenhower that $40 billion could be cut from the federal taxes. Said the President: "That would leave us with about half enough money to support our armed forces even if we didn't spend a dollar for anything else."

In context, Eisenhower meant that...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

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