The U.S. Treasury last week reported the bad budget news for the 1955 fiscal year which ended June 30: income, $60.3 billion; expenditures, $64.5 billion.
The deficit of $4.2 billion was $300 million less than President Eisenhower forecast last January. Increasing prosperity boomed tax receipts $1.3 billion above estimates, but farm-support payments cost $1.2 billion more than expected.
Secretary of the Treasury George Humphrey noted one reason for the deficit: last year's $7.4 billion tax cut. Humphrey & Co. were still optimistic. With federal spending on the way down and national income booming upward, the Treasury men hope that the budget will...
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