THE U.S. BUDGET: 1956.: The Administration Is Betting on the Black

THE U.S. Government is headed for more red ink in the current fiscal year—on the official estimates. Income will hit $62.1 billion, spending $63.8 billion, for an overall $1.7 billion deficit. But are the estimates correct? In Washington last week, the talk was that they were pessimistic, that next June 30 would see the first balanced budget in five years. If so, tax cuts might be in store for the U.S. As a result, a hot debate is bubbling up. Last week Virginia's Democratic Harry Byrd, chairman of the Senate Finance Committee, said flatly that he would fight a...