THE ADMINISTRATION: What to Cut?

During the fiscal year ending June 30, the U.S. will take in $67.7 billion instead of an estimated $64.5 billion. This will be more than enough, Secretary of the Treasury George Humphrey told Congress last week, to absorb an increase in Federal spending from the budgeted $64.3 billion to $65.9 billion. As a result, the U.S. budget for fiscal 1956 will have a surplus of $1.8 billion—eight times the expected $230 million. Treasury's Humphrey had a happy explanation for the welcome news: "The upsurge of prosperity in the nation has increased current Federal budget receipts."

By the time Humphrey finished talking,...

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