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tional cooperation but on a less expensive basis.
The President asked for a one year continuation of the reciprocal trade act in its present form to implement the Republican slogan of last year, “trade, not aid,” but between 200 and 300 witnesses have asked to testify before the House Ways and Means Committee in behalf of a more restricted trade program. My present guess is that the President’s position will prevail, with Democratic help, but only if he continues to take a firm position in its behalf.
President Truman last January presented what he termed a tight budget and said it could not be cut, but it will be cut, in some instances rather drastically. My guess is that the spending budget next year will slightly exceed revenue for that year but the difference will be furnished by earmarked funds such as Social Security payroll taxes for which government bonds are issued as soon as the money is received. This increases the national debt but removes the necessity for inflationary •borrowing from commercial banks.
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