Word: outgoing
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...Outgo of $78 billion, or $4.1 billion more than the President's January estimate. But Washington officials have conceded that 1959 spending might run as high as $80 billion. If it does, unless the economy perks up sharply during the twelve months ahead, the 1959 deficit could reach $13 billion or more...
...budget calls for pay raises for skilled military personnel, but holds down the total pay outgo by trimming manpower about 3% from all three services. Most radical novelty in the new budget: the President's request to Congress for authority to switch as much as $2 billion in defense funds from one category to another "to modify and accelerate programs on short notice if new discoveries and developments indicate shifts are desirable." Present law bars transfers of funds from one service to another...
Along with a $1.2 billion sag in estimated federal income for fiscal 1958, the extra outgo for defense erased the black ink to which the Administration pointed with pride a year ago. Instead of the estimated $1.8 billion surplus, the Administration foresees a $400 million deficit-red ink brought on by Red Sputniks...
Exactly how the Treasury expects to achieve its goal is a mystery. Fiscal Assistant Secretary William T. Heffelfinger, manager of the public debt, has flatly refused to release the all-important estimates of Treasury income v. outgo. Yet it is no secret that there will be one crisis after another until March 15, when heavy corporate tax payments start pouring in. From October through February, Treasury income is at its lowest point, while expenditures continue at their high level. In fiscal 1957, for example, the U.S. Government collected $24.4 billion from October through February, but spent $29.2 billion. Realizing...
While underestimating outgo by a wide margin, Social Security actuaries have also overestimated collections. In the past fiscal year the experts predicted that collections would be $7.3 billion, payments $6.8 billion. Instead, collections were only $7 billion, while payments exceeded that. For the current year officials had estimated collections of $7.3 billion. This has already been scaled down to $7.1 billion. Next year they had hoped for $7.5 billion, but even with the increase in the total working population, it now appears that they will get only $7.2 billion...