The Budget, Espionage: All Things Being Relative


In January 1962, presenting his budget for the fiscal year that would end June 30, 1963, President Kennedy exercised a politician's license for optimism in predicting a tidy little surplus of $500 million. The forecast was, of course, hitched to the prospect of a resurgent U.S. economy. But the economy did not show the strength expected, and the Government spent more than it collected. Thus, as fiscal 1963 last week came to an end and as Treasury accountants began totting up the figures, they found that instead of that original little surplus, a deficit of some $7.8 billion...

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!