Depression Deficits of the Federal Government
Course of Receipts, Expenditures, and Debt, 1930–1934
During five years of depression, ensuing upon the stock market crash of October, 1929, deficits of the federal government totaled $11,655.000,000, accompanied by an increase of $11,005,000,000 in the national debt. Further deficits of large proportions are in prospect for the remainder of the present fiscal year and the next-fiscal year, with the outlook for a balanced budget in 1937 still uncertain.
The fiscal year 1930 ended with a surplus, due to the fact that the principal tax levies were based upon income received during the calendar year 1929, but in no subsequent year have the government's revenues come within striking distance of its total expenditures. The deficit of the fiscal year 1934 was ...