Word: rfc
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This week Congressmen threatened to sabotage Prentiss Brown's new program. But Brown was confident that he would succeed. First move will be to get the RFC to pay the subsidies. Second move will be to carry the fight to Congress itself and get outright appropriations. Prentiss Brown pointed out that a provision for subsidies is contained in the original price-control...
...employes will not be nearly so costly as it sounds. And if & when the FCC approves a specific merger plan, the end should more than justify the means. Postal, which went through the wringer only two years ago, is again loaded with debt-this time $9,000,000 of RFC notes-and lost over $4,000,000 last year. Western Union, with some 80% of the U.S. telegraph business, turned in a good profit ($9,354,000 v. $7,366,000 in 1941) but competing with Postal has occupied more of its energies than streamlining its services...
...fiscal year 1944 (beginning next July 1) Franklin Roosevelt figured that the U.S. could spend $104,128,924,923 directly plus $4,774,123,000 more through RFC etc. This was a staggering sum: 1) more than the combined income of all U.S. citizens in any year except 1942; 2) more than the budget of any other nation in any year in all history, past and perhaps future...
There apparently were enough votes to pass the silver bill (which bore the endorsement of the Army, Treasury and WPB), so Pat McCarran stayed on his feet. If he ever sat down, Administration leaders hoped to call up a bill extending RFC's borrowing authority by $5 billion (to finance war-plant expansions). But squarely blocking such hopes was the threat of Oklahoma's Elmer Thomas, a leader of the farm bloc, to start all over again the battle over farm-parity prices...
...nick of time Senate leaders snagged the measure. In turn, the bloc threatened to tack it on to a bill to expand RFC borrowing, thus stalling an urgent piece of wartime legislation. Once again, the farm bloc had the Administration over a barrel, statistics or no statistics...