Tax Revolt and Measures to Ease Tax Load
Budget estimates submitted to Congress by President Truman on Jan. 21 indicate that, without additional taxes, the federal government will incur a deficit of $8.2 billion in the fiscal year 1952 and a deficit of $14.4 billion in the fiscal year 1953. Deficits of that magnitude will raise the public debt from an estimated $260,222 million next June 30 to an estimated $274,922 million on June 30, 1953, The latter sum is within $78 million of the present statutory debt limit of $275 billion.
The President conceded in his budget message that “the increase in expenditures immediately ahead” could not be met on a strict pay-as-we-go basis. He said, however, that the situation called “at the very least ...