AMERICAN FINANCE

Dominion, Volume 33, Issue 85, 4 January 1940, Page 8

AMERICAN FINANCE

Budget Predictions (Received January 3, 11.-10 p.m.) WASHINGTON. January 3. President Roosevelt's annual message to Congress on Wednesday is not only expected to give Americans an interesting account of the internal affairs of the nation, but also to chart the United States of America's position in a world at war. President. Roosevelt's Budget is expected to total 9,500.000.000 dollars and to predict a 1940-41 fiscal year deficit of approximately 3,000,000.000 dollars, bringing flic national debt to the statutory limit of 45,000,000,000. Contemplated expenditures, moreover, of 2.000,000,000 dollars on national defence, involving new taxes of 500.000,000 dollars, will certainly offer inflammable material for Congressional debates. The President is confidently expected to propose no further experimental legislation, but. the New Deal continues a live issue, and will remain so till the Presidentlial election in November. Prominent mention of Mr. Cordell Hull’s name is expected to produce confusion in Democratic ranks. Mr. Hull incidentally will face the greatest political test of his career, since the reciprocal trade programme, which lie sponsored, will undergo an extreme attack.