When an Administration proposes both a huge tax cut and the biggest federal budget in history, it is asking for trouble. Well aware of this fact, President Kennedy prepared his annual economic report, sent to Capitol Hill this week, with an eye to calming the critics.
In the report—which clearly reflects the thinking of Walter W. Heller, chairman of the President's Council of Economic Advisers—Kennedy insisted there is no alternative to a huge budget deficit in fiscal 1964. "Our choice is not the oversimplified one sometimes posed, between tax reduction and a deficit...
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