IT would, said President Nixon, provide "a new balance of responsibility and power in America." What is more, it would have an expansionary effect on the economy, turning unemployment around and helping to end the recession. With these audacious predictions, Nixon signed and sent to Congress the two green leather volumes that set forth his proposed budget for fiscal 1972, which begins July 1. Total proposed federal outlays: $229.2 billion, an increase of $16.4 billion over fiscal 1971. Prospective deficit: $11.6 billion, on top of an estimated shortfall of $18.6 billion for the...
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