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ircumtances ana it snouia Dt^naae dear thati the Congress will have to reexamine the question of Jthe debt limit beyond June 1958 during the next Congress.”
“Why hot refuse so raise the debt limit and, thereby, hold spending i« check?” This couW be done, of course, in. advance of authorizations for spending. After the money has been voted, however and the Government has contracted for goods and services, .the bills must be paid, and the money must be borrowed, it there is not suffici•;ft in the Treasury, to preserve the credit of the United States.
Rising defense costs, a flurry of anti-recession measures and continuing demand for federal funds for services and community improvements which at one time were acceDtod as State and local
57.3%