Word: budgeting
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Last week Secretary of the Treasury Ogden Livingston Mills made it his unpleasant duty to go before the Ways & Means Committee and announce that, in order to balance the 1933 budget, Congress must raise some $1,240,000,000 by new taxes instead of the $920,000,000 which he had estimated last November. Reason: a business upswing had not materialized as expected...
...problem flabbergasted the committee. How best to get the $1,240,000,000 out of a hard-pressed nation no man could state surely. Yet the necessity for balancing the Federal budget was self- evident. Upping the income tax to the 1924 level would bring in, according to the Treasury's revised estimate, only $134,000,000 more than the current amount. An automobile tax would add $100,000,000, amusement admissions another $110,000,000. A variety of miscellaneous levies would possibly produce some $200,000,000 more. But the total of all these...
...week took the House floor, delivered a stirring warning to his colleagues and to the country on the tax burdens ahead: "I have burned every bridge behind me. No matter what the personal political consequences may be, I'm going to advocate levying sufficient taxes to balance the budget. It means nothing to the United States whether I remain in Congress or not but it means much to the United States Government that its honor, its credit, its security be maintained at par. ... I want you and the country to gird yourselves with stamina, with backbone and with courage...
Nevertheless the Chamber supported Premier Laval's budget policy by a majority of 52. Next the Chamber, for the third time in 13 years, approved giving the vote to Frenchwomen who have never gotten it because of die-hard opposition from the greybeards of the French Senate...
...Deputes were presented last week with the 1932 budget which, to the ingenuous eye, balanced. A little rapid pencil work by Deputies of the Left showed that it did nothing of the sort. There was an actual deficit of between $160,000,000 and $280,000,000 hidden by such devices as counting only nine months for expenditures but twelve months for receipts, and including Reparations payments which Germany obviously will not make because of the Hoover Moratorium...