Word: fractionate
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...more of almost everything than the current budget-including red ink. Total expenditures: $98.8 billion, up some $4.5 billion from the current fiscal year, and $500 million more than the Government paid out in the peak spending year of World War II. Indicated deficit: $11.9 billion. Only a fraction of that deficit is attributable to the tax cuts that the President called for in his 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...
Kennedy seemed to feel that there was no great harm in the bloating national debt. "The ability of the nation to service the federal debt rests on the income of its citizens, whose taxes must pay the interest. Total federal interest payments as a fraction of the national income have fallen from 2.8% in 1946 to 2.1% last year. The gross debt itself as a proportion of our G.N.P. has also fallen steadily-from 123% in 1946 to 55% last year. Under the budgetary changes scheduled this year and next, these ratios will continue their decline...
...more, and partly because they are already too deeply committed to back out, some U.S. companies are continuing to expand in Latin America's economic trouble spots. California's FMC Corp. recently completed a food machinery plant in Argentina-but is operating it at only a fraction of capacity. Other U.S. companies are holding on in the hope that the business climate in Latin America will eventually improve. In the meantime, notes Chase Manhattan Bank Economist William Butler, "it is difficult for an American firm to justify sending new capital there...
...real power since the 1832 Reform Act, which brought effective democracy to Britain by making its government responsible only to the House of Commons. Today the Lords resembles a sumptuously somnolent club that is made all the more exclusive by the fact that it can accommodate only a fraction of the 931 dukes, marquesses, earls, viscounts, barons, bishops ("lords spiritual") and judges who are technically entitled to sit in its hallowed gilt and crimson chamber...
...fast that they may crash into a mountain before their pilots even sense trouble. During a low pass, everything blurs into meaningless streaks, like a fence a few feet from a speeding car Landmarks disappear. Objects to be photographed sweep under the plane and are gone in a fraction of a second...