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...