Word: budgeting
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Revenue estimates now added up to some 940 millions, at least 50 millions short of a Budget-balancing total. But with every day's delay the financial condition of the country was growing worse. From day to day the Treasury's revenue estimates were shrinking. It became apparent that some broad new base of taxation might have to be sought. It also became apparent that some of the voting for stiff "nuisance taxes" was for the purpose of exciting potent public protest and driving the Senate toward some other tax. What tax this was, everyone knew-a Manufacturers...
This was, of course, pointing a polite finger at Congress. All week the Senate had haggled over the tax bill (see p. 12). All week the prospect of balancing the Budget had remained hazy. Day by day it was increasingly apparent that until Congress acted on the Budget and showed signs of adjourning, Business & Finance must remain hesitant. The committee had to agree with the banking community that it would be folly to use the reserve of credit to bolster bonds before Congress assured a balanced Budget...
While long-established orchestras were striving last week to balance their next season's budget (see above), in North Carolina a novel symphonic venture was having its start. North Carolinians wanted an orchestra of their own. No single city was affluent enough to support a full-fledged one alone but in the university town of Chapel Hill a group of men headed by Geologist Joseph Hyde Pratt had the idea of organizing a State Symphony,† one which would visit and be backed by several communities. They approached Composer Lamar Stringfield, a native Carolinian flautist teaching in the University...
...Chairman Crisp of the House Ways & Means Committee* and House Minority Leader Snell. Excerpt: "On behalf of vast numbers of our fellow citizens, we appeal through you to the Senate and the House to lay aside every form of partisanship and quickly to unite to adopt a balanced Federal budget as well as to enact a plan of taxation . economically sound, fair . . . and without discrimination. ... It is our judgment that conditions are so grave that this action should be taken at the earliest possible moment...
Blame & Congress. Widespread was the financial opinion last week that the bad state of U. S. Business was in no small part due to Congress and its vagaries on the Budget & Taxation. Washington tipster services hinted darkly of a "dictatorship." Bankers and industrialists complained bitterly of "uncertainties" at the Capitol. They were quite positive that if Congress passed an equitable tax law, approximately balanced the Budget and adjourned by June 10, their immediate troubles would be over...