THE BUDGET: Toward a Surplus

"I believe our people have the determination to hold expenditures in check, to pay their own way without borrowing from their children," wrote President Eisenhower this week as he sent the U.S. budget to Congress. For fiscal year 1961 (beginning next July 1), the President set federal expenditures at $79.8 billion (up $1.4 billion from 1960 spending), estimated revenues at $84 billion (up $5.4 billion)—and thereby envisioned a surplus of $4.2 billion.

Even more meaningful than the overall figures was the fact that Dwight Eisenhower, refusing to bow to the political temptation of tax cutting in an election year, urged that...

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