Roosevelt's Astronomical Budget

Manawatu Times, Volume 65, Issue 3, 4 January 1940, Page 7

Roosevelt's Astronomical Budget

Three Billion Dollar Deficit Forecast COLOSSAL DEFENCE EXPENDITURE United Press Association—By Electric Telegraph—Copyright. Received Wednesday, 9.30 p.m. WASHINGTON, Jan. 2. President Roosevelt’s annual message to Congress on Wednesday is expected to give Americans not only an interesting account of the internal affairs of the nation, but also a chart of America’s position in a world at war. President Roosevelt’s Budget is expected to total 9,500,000,000 dollars, predicting a 1940-41 fiscal year deficit of approximately 3,000,000,000 dollars, bringing the National Debt to the statutory limit of 45,000,000,000 dollars. The expenditures, moreover, of 2,000,000,000 dollars on national defence involving new taxes totalling 500,000,000 dollars, will certainly offer inflammable material for Congressional debates. The President is confidently expected to propose no further experimental legislation, but the New Deal continues a live issue and will remain so until the Presidential election in November. Prominent mention of Mr. Cordell Hull’s name to the Presidency is expected to produce confusion in the Democratic ranks. Mr. Hull incidentally will face the greatest political test of his career since the reciprocal trade programme which he sponsored • will undergo an extreme attack.