For another year, at least, the U.S.
Government was committed to a lordly policy of living beyond its means. Harry Truman had already given the policy his approval. In January he had deplored deficit spending, but by July he had decided that deficit spending would be all right. In fact, said he, it was necessary for "continued economic expansion." "Last week the Senate voted in effect to underwrite Harry Truman's economics.
It was the practical end of a long and less than noble fight. Despite all the talk about economizing, the House had only...
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