All But Defence Spending Cut
Roosevelt Introduces Budget SPECIAL TAXATION United Press Association—By Electrio Telegraph—Copyright. WASHINGTON Jan. 4. President Roosevelt's Budget message to-day recommended Congress to cut nearly everything except national defence funds. The estimated expenditure in the forthcoming fiscal year will amount to 8,424-million dollars, which is 675million dollars less than that for the current fiscal year. The estimated normal receipts are G,248-million dollars, an increase of 282-million dollars. It is proposed that 460million dollars should be raised by special defence taxes. The net deficit is estimated at 2, 176-million dollars, as compared with the current 3,933-million. If the special taxes are adopted, the deficit will be 1,716-million dollars. The Budget is subdivided as follows: — Million Dollars National defence 1,800 Work relief 1.300 Agriculture 900 Public Works and investments 1.100 Pensions and social security ... 1.200 Interest on public debt 1,100 Government operations 1.100 On the basis of the President’s figures, the national debt at the end of the new fiscal year will be 61-million dollars short of 45,000-minion, the lawful maximum, permitting Congress ' to defer the controversial issue of whether the maximum should be increased
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Manawatu Times, Volume 65, Issue 5, 6 January 1940, Page 7
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186All But Defence Spending Cut Manawatu Times, Volume 65, Issue 5, 6 January 1940, Page 7
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