FISCAL: Taxes for Deficits

Last week President Hoover sent to Congress the budget for 1933. It made bad fiscal reading. For last year, this year and next year the President set forth the following figures (in millions of dollars) :

1931

Expenditures.......................... 4,091

Receipts................................. 3,189

Deficit ..................................... 902

1932

Expenditures............................ 4,361

Receipts................................... 2,239

Deficit....................................... 2,122

1933

Expenditures............................. 3,996

Receipts..................................... 2,576

Deficit......................................... 1,420

The deficits included payments on the public debt required by law. Thus the net operating deficit this year (1932) would be the total deficit (2,122 millions) less the statutory sinking fund payment (412 millions) or 1,711 millions which would represent the increase in the public debt.

The President had reduced 1933 estimates $365,000,000...

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