FISCAL: Second Revision

Among the many things President Roosevelt did last week to indicate his honorable intentions toward a balanced budget (see p. 17), was to cast up an estimate of where he stood today. It was the President's third formal statement on the current budget, and the second revision since last January when he spoke hopefully of a "layman's balance" for fiscal 1938. By April that hope had faded to an estimated net deficit of $418,000,000, largely because of disappointing tax receipts. Last week the President had to hike his net deficit estimate once more to $695,000,000. Even so, unless the...

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