The Defocot, New Economics and New Taxes
Volstead Act Modification and Possible Hoover Veto
When Congress convenes on December 5, 1932, the current deficit in federal finances will approximate three-quarters of a billion dollars, with the prospect of considerably exceeding $1,000,000,000 by the end of the fiscal year on June 30, 1933, unless new taxes are promptly imposed. There is, in any event, scant possibility that the budget can be balanced for the present fiscal year. A White House statement of November ...