THE BUDGET: The U.S. Is Running Out of Money

THE BUDGET

When President Nixon presents his election-year budget this month, it will be relatively bare of those shiny new social programs that stir voter enthusiasm. In that lack lies a harsh truth: despite prospects for a strong, sustained economic recovery, ever-rising federal expenditures and a long series of tax cuts have left the Government strapped for ready cash. As a result, the Administration faces some tough choices. It must either raise taxes, cut current expenditures, or go slow in meeting a growing plethora of public needs, including benefits for Viet Nam veterans, pollution control, mass transit, prison reform and aid...

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!