Word: deficits
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Dates: during 1950-1959
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...were signs of a shift in this attitude by the Administration, and with it a possible shift in U.S. foreign economic-aid policy. The change was prompted by the fact that the U.S. loss of gold from Jan. 1 to July 24 was $898 million; the U.S. foreign-payments deficit this year will run $4.9 billion. Much of the deficit comes from the $5.5 billion the U.S. will spend this year in foreign aid, loans and military help...
...West. The Government is also a victim: a prolonged strike in steel is expected to cause revenue losses of $45 million a week. Said Treasury Secretary Robert Anderson: "A long strike could reduce revenues which could not be recovered in fiscal 1960 and could therefore contribute to a budget deficit...
...started its highly touted trade offensive short months ago, Peking lured Western businessmen with offers of $7 violins. $23 sewing machines, $14 bicycles, promised to deliver nails, newsprint and electric motors at prices far below Japanese goods. But haste to gather foreign exchange to cover a huge trade deficit with Russia-and to do what it could to damage non-Communist competitors-led Red China to overstep itself. Its rickety economy suffered from primitive production methods, an overburdened transportation system, and an anarchic planning system that put untrained workers on industrial machines and knowledgeable technicians in mines or paddies...
...keeping with the nation's mood, Administration officials are talking behind the scenes about the heady possibility of a big surplus in the President's next budget, perhaps $6 billion or even more -in contrast with the $12.6 billion deficit piled up in just-ended fiscal 1959 and the skimpy $100 million surplus estimated in the fiscal-1960 budget. As Administration economists and budgetmakers see it, spending in fiscal 1961 will creep up to about $80 billion from the current year's $77.5 billion, but the soaring economy may produce revenues as high as $86 billion...
...slammed the books on fiscal 1959 (July 1 to June 30) last week, and the red ink splattered over a record peacetime deficit of $12.6 billion. Principal reason for the big red year: the now departed recession, which cut tax revenues by $6.2 billion, raised spending by $1.5 billion, for such antirecession programs as higher housing outlays and pump-priming public work projects. Other spending pressures: a $900 million post-Sputnik boost in defense, $1.4 billion turned over to the International Monetary Fund as of July 1 (but charged against the dying fiscal year), a $2.2 billion overbudget outlay...