THE BUDGET: Less Red Ahead

The Administration is thankfully paring down its gloomy forecasts of a $12.2 billion budget deficit for fiscal 1959. ending next June 30. Reason: budget experts figure that the economy's bounceback toward robust health will raise the 1959 federal-tax take at least $2 billion above September estimates, will thereby hold the red-ink splash to $10 billion or less.

But even with the economy in good health, a high Administration official wanly predicted last week, a deficit looms for fiscal 1960. With the costs of national defense, welfare programs and farm subsidies edging ever higher, budget makers will find it tough to hold...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!