A gradual realization by Congress that the Budget Bureau's estimates of probable Treasury surpluses for the fiscal years 1924 and 1925, under existing revenue laws, were made on a most conservative basis, and the expectation of many members that the surplus at the end of the present fiscal year will largely exceed, the $329,639,624 estimate, formed the principal basis for President Coolidge's recent warning against Congressional extravagance in appropriations.
Condition of the Treasury
The Treasury ended the fiscal year 1923 with a surplus of $309,657,460, in spite of the fact that expenditures at the end of the first eight months exceeded receipts by $84,313,221. On March 1 of the present fiscal year, on the other hand, receipts exceeded expenditures by $14,851,522. In other words the Treasury ...