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lne most encouraging teature ot the budget is the continuing reduction of the gap between what the Federal Government collects and what it spends. In the fiscal year which ended last June spending exceeded receipts by nearly 9.4 billion dollars. This year the deficit is estimated at .3.3 billion dollars and if the President's recommendations for the year starting next July are carried out he estimates the deficit will be reduced in that year to 2.9 billion dollars. This estimate* assumes that tax reductions which were made at the beginning of this year, and some further tax revisions which are recommended, will reduce collections ’ by around 5 billion dollars. So, without the tax cuts, we would have had a surplus. The President also pointed out that on a cash basis the government will receive more than it spends next year. The deficit figures in the budget result because several billion dollars collected will be credited to trust funds such as those for old age and unemployment insurance.
A better indication of the improvement of our financial situation since the peak of Koreaft War spending is the fact that new spending authority which the President asks for the next fiscal year is 25 billion dollars less than the high figure of 1952 (a reduction of 38 percent) and actual expenditures for next year are estimated at 8.4 billion dollars less than the high spending mark reached ‘ in 1953 (a drop of 11 percent).
As the President pointed out a
workers in the cause of highway safety—which is this mother’s strong desire—we might at long last see a turning point in the alarming trend of traffic accidents.
83.7%