President Truman made crystal clear last week his devotion to a budget policy which might not please practical politicians, but would be applauded by practical fiscal experts. His dicta: no tax reductions for two years; strict economy in Government spending.
He delivered it in a message sent to all department heads by Acting Budget Director Paul Appleby: "For fiscal 1948 [begins July 1, 1947] we must plan not only for a balanced budget but for a ... reduction of the [$268,000,000,000] national debt. . . .We are on the eve of a period of high prosperity and substantially full employment. In...
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