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


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...

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