The Economy: In the Red

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 year.

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