National Affairs: Surplus

When the Federal Government balances its books for the fiscal year 1926-27 (ending June 30), it will have a surplus of $599,000,000. So said President Coolidge last week, addressing Federal bureau heads in the semi-annual budget meeting. The President also predicted a 1927-28 surplus of $338,000,000. Feeling that the present surplus "is of doubtful value" as a guide to the future, the President gave warning that tax reduction should not be based on the returns of one year alone, also exhorted his hearers to continue the practice of economy. "Extravagance," said he, "may bring momentary pleasure and apparent benefit, but...

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