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He called attention to the fact 'that the balancing was not' to be «xomplished by sharp deductions in spending by the Federal Government. On the contrary, the President was proposing to spend in the next fiscal year about $1,300,000,000 more than the Federal Government expects to pay out in the present fiscal year.
How could this be done and still balance the budget? In Mr. Eisenhower’s opinion, it would be possible because national prosperity would bring into the Treasury next fiscal year, under a continuation of the existing high tax rates, enough extra money to take care of all the additional expenditures he wants to make, and still produce a surplus of about $400,000,000.
As Senator Byrd never has been abused of examining Federal financial on a partisan basis, his concern over the solidity of the economic predictions which the experts have furnished the President' as a basis for the budget estimates has taken some of the sheen from the bright prospect of the first balanced federal budget in five years.
To assert that the Federal budget is based on guesswork is not to critize the procedure. It has to be that way, because the Federal Government does not know precisely how high wages are going to "be in the year ahead; how much profit business will make how much the farpjer will receive for his, labors. These factors, and many more, will control how much the Tresaury will receive in taxes.
As an illustration that budgetmaking is 1not an exact science. President Eisenhower said last August that the Government
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