Pressures on the Public Debt Celling
Need for New Borrowing for National Defense
Mounting pressure on the federal budget, produced by a combination of strong new defense demands on the spending side and a prospect of slipping tax receipts on the revenue side, now seems likely to force the administration to ask Congress to raise the statutory limit on the public debt. Secretary of the Treasury Anderson, testifying before the House Small Business Committee on Nov. 21, said that he did not “want to minimize the importance of maintaining a balanced budget” and that he thought the government should “make every effort to get by within the national debt limit.” But he added that he “would not want to take any position of absolutism.”
President Eisenhower told ...