The U.S. House of Representatives last week tussled over the key to the Treasury's back door. Up for final congressional approval, after emerging from a House-Senate conference committee, was the Administration's $394 million bill to relieve economically depressed areas. But what was really at issue was the measure's method of "backdoor financing"—under which the Administration, once the bill was passed, would not have to return to Congress for actual appropriations or loan authority. To many a Representative, this seemed a dangerous dilution of Congress's constitutional power of the purse.
The House...
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