Closing its books on fiscal 1961 last
week, the U.S. ended up $3 billion in the red. The deficit was due
partly to higher-than-anticipated costs of established programs, partly
to an extra $500 million outlay as a recession-recovery measure.
Opening books on fiscal 1962, the Treasury predicted revenues of $81.4
billion, expenditures of $85.1 billion, another deficit this time next
To continue reading:
Want the full story?
Get TIME the way you want it
Week Digital Pass — $4.99
Pay-As-You-Go DIGITAL ACCESS — $2.99
Year ALL ACCESS — Just $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!