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1 hose interested in rederal economy can take comfort from the fact that the total amount of money appropriated in these bills was approximately five and a half billion dollars less than was appropriated in the same bills last year and approximately one and a half billion dollars less than the President’s budget recommendations for the coming year.
Those more pessimestically inclined will point out, however, that whereas we ended the 1954 fiscal year last week with a deficit of around $3.3 billion, the Treasury is estimating that the deficit at the end of this year will be closer to four billion.' That is because the reductions in spending authorizations have been more than matched bv tax cuts that will reduce the Government’s revenue collections.
Early this year I predicted, in one of these columns, that our ability to balance the Federal budget next year would depend largely on the international situation and that unless conditions improved quickly such a balance would be impossible. Such a large percentage of Federal spending in recent y^ars has been for security purposes that it is difficult to make a real showing in budget cutting without reducing defense funds and that obviously cannot be done to any extent while we
77.8%