Prospective Deficit and Threatened Tax Increase
The budget for the fiscal year 1932, submitted by President Hoover at the opening of the last session of Congress, estimated federal revenues during that year at $4,085,119,937 and federal expenditures at $4,054,519,200,1 indicating a surplus at the close of the year of $30,600,727. The deficit for the current fiscal year was estimated at $180,076,657.
At the end of the first six weeks of the congressional session. Secretary of the Treasury Mellon estimated the deficit at the close of the current fiscal year at “not less than $375,000,000,” due to emergency appropriations for unemployment and drought relief and the failure of government revenues to come up to the Treasury's expectations. At the end of the session, when the bill for ...