AMERICAN DEFICIT
IMMENSE WAR BILL HEAVY BORROWING (10.30 a.m.) WASHINGTON, July 3. The Secretary of the Treasury, Mr. Henry Morgenthan, announced that there was a net deficit in 1942 of £4.897,000,000, despite a revenue of £3.199,750,000. Government expenditure totalled £8,122,750,000, of which war expenditure totalled £6,488,250,000. He said that on the basis of current taxes the deficit in the 1943 fiscal year will be £14,055,750,000. He emphasised the urgent need of obtaining additional revenue, stating that'the tax bill totalling £1,450,000,000 at present before Congress should be the start and not the conclusion of the war-time revenue programme. He added that it was evident, no matter how vigorous the tax policy may be, it would still be necessary to borrow many billions in 1943, of which a large proportion should come from the current savings of people at low interest rates.
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Bibliographic details
Gisborne Herald, Volume LXIX, Issue 20827, 4 July 1942, Page 3
Word Count
140AMERICAN DEFICIT Gisborne Herald, Volume LXIX, Issue 20827, 4 July 1942, Page 3
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