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cultar art or governmental uburciing may glance at the figures headed “Budget Totals” and conclude that the Federal Government will take in $74.4 billion in the fiscal year beginning July 'll and spend $73.9 billion—leaving a tidy surplus of $500 million.
Unfortunately, the situation > not as' pat as that. For examph, the President said:.
"There are strong grounds t > support my confidence that the e: - pansion of our economy will soc \ be'resumed, bringing higher levels of receipts with present tax Yates . . While there! are many uncertainties in forecasting results 18 months in advance, our best estimate at this time, of budget receipts for 1959 is $74.4 billion/’
Here, the President points up , the fact that the whole concept of the balanced budget submitted ^to Congress, isf fashioned of educated ■„ guesses—-guesses as. to how much the Treaspry will collect in 'taxes atid how touch it will dishurse ,in government; checks. / .If the Pijesrdant i<rorrect about a new upswing in business gener• ally, the Treasury may take in $2 billion more next year than this year* just as the budget predicts, [if collections turn out to be about ’ the same as for this year, though, the budget, through tms circumstance alone, will be $1.5 billion out'of balance.
On the outgo side of the budget we would be in error if we assumed that the estimated expenditures of $73.9 billion meant that was all the Federal Government expected to spend in the next fiscal year. Outside the. budget are- the tvarious federal trust funds, including the fund of finance the new in- .
52.8%