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National Debt Limit
Raise Later in Year
Rep. John O. Marsh, Jr., said Monday that there will be a new request to raise the national debt limit later this year, unless spending projected by the pending budget is reduced.
Last week, Marsh, sole Virginia member of the House Appropriations Committee, declared that the budget submitted by the outgoing administration, while technically in balance, relied on borrowing from trust fund accounts.
In his remarks prepared for delivery on the floor of the House today, marsh said:
“Mr. Speaker, last Thursday, I took the floor of the House to point out that the actual operating budget for the federal government for Fiscal Year 1970 was in deficit by nearly seven billion dollars, according to the figures presented by the outgoing Administration and contained in documents accompanying the budget.
“As I mentioned at that time, the surplus that was shown occurs in the ‘New Budget Concept’, which includes in the gross receipts of the federal government the sums collected in the trust funds, such as Social Security.
“I realize that the statement that the budget is actually in deficit does surprise many people, and there may be others who point to the ‘New Budget Concept’ to refute what I said. However, let me point out to the membership this further observation:
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