Word: outgoing
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...State of the Union message delivered earlier last week. Assuming that tax reduction would stimulate the economy, the Administration calculates the "net revenue loss" during fiscal 1964 at $2.7 billion. Thus, without any tax revision whatever, the new budget would still show a staggering $9.2 billion difference between outgo and income...
...gold outflow may even be farther away than that, because the 1962 payments deficit is worse than it looks. The "income" side of the ledger was artificially fattened when France. Italy and Sweden agreed to pay off ahead of schedule some $664 million in postwar U.S. loans. And "outgo" was probably reduced by several hundred million dollars because some European and Canadian banks refrained in 1962 from their usual year-end "window dressing"-the practice of bolstering cash balances for the annual report by temporarily pulling back money on deposit...
...restore reality to the meaningless fiction of overstated income and understated outgo that passed for a national budget under ex-President Juscelino Ku-bitschek, Quadros issued his own flinty figures for next year. Adding up the funds needed to support the immense bureaucracy and public works program inherited from Kubitschek, Quadros predicted a deficit of $513 million-so great, said Quadros, that "a potential deficit of this size has never before been confessed by a chief of state...
...remind Western Europe and Japan that the Marshall Plan days were long since over, Anderson last month took the dust-stirring step of announcing that henceforth dollars lent to underdeveloped countries by the U.S.'s own Development Loan Fund (outgo: about $550 million a year) must be spent in the U.S. Protests rang out that Anderson was dragging the U.S. backward with a protectionist "Buy American" program (TIME, Nov. 9). But Anderson's essential purpose was to force Western Europe and Japan into providing loans to finance their own exports to underdeveloped countries. He would be happy...
Canada's estimated foreign 1959 income is $7.4 billion, outgo more than $8 billion (much of the difference is made up by unhealthy short-term "hot money," largely used to finance imports, and responsible for keeping the Canadian dollar at a high $1.05½ in U.S. currency). Both Prime Minister John Diefenbaker and Opposition Leader Lester Pearson, hopeful of more sales to Europe, urge Canada to take the lead in the promotion of a free-trade area among NATO nations...