Word: deficit
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Dates: during 1950-1959
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Close on the heels of the Joint Chiefs were Budget Director Maurice Stans and Presidential Aide Robert Merriam, who reviewed nonmilitary spending with Ike. Stans also brought bad news: the hopeful forecast of $100 million surplus in fiscal 1960 would likely become a deficit because of the steel strike. "The odds are swinging against a balanced budget this year," said Stans, explaining that strike losses would reappear next year as profits taxable during fiscal 1961. U.S. spending, said he, would be about $81 billion next year-up at least $2 billion over fiscal 1960. Hopefully, receipts would be up enough...
These are impressive figures, but there are shortcomings. The U.S. still underwrites an annual trade deficit that has ranged from $70 to $90 million, and U.S. advisers fear that this will continue until the Nationalist government provides new incentives for investment in export industries. Private U.S. investors have put only $54 million into Formosa, partly because they object to the terms of Formosa's foreign-investment law, partly because of sad experience with the widespread "squeeze" system, through which some Formosan officials almost seem determined to run foreign businesses out of the country, not bring them...
Money will remain tight as industry and business bid for funds, but prospects for a balanced budget or only a small deficit will reduce the competition of the U.S. Treasury for new funds on the money market...
...hard core" of riders will continue to use public transportation as long as it exists. But are these people worth an annual $18 million subsidy? Right now, the public--for whom the system is supposedly operated and by whom the deficit is paid--lack any effective voice in the operation of the $1 billion transit system. Poor Charlie may yet escape from the tunnels, for under present conditions the MTA cannot expect to operate perpetually...
PHILADELPHIA, Nov. 26--Second string quarterback George Koval pulled Penn from a two touchdown deficit today, throwing three scoring passes in a 28-13 win over traditional rival Cornell and giving the Quakers the 1959 Ivy League football championship...