SECOND TIME IN HISTORY

Northern Advocate, 17 June 1947, Page 5

SECOND TIME IN HISTORY

It is only the second time in history that a President has vetoed a tax bill and the first time he has vetoed one providing for tax reductions. Mr Roosevelt vetoed a tax bill in 1944.

Leading Republicans, both in Congress and out, criticised Mr Truman’s veto of the tax bill, leaving little doubt that they expect it to be a Presidential campaign issue next year. Representative Knutson, author of the bill, said the veto was “nothing but cold-blooded politics."

He adc j ei; j that Mr Truman showed a gad j acb 0 f understanding' of the needs of tbe American economy, , , „ , Mr Knutson urged Congress to overrld<; dle veto (The House of Repiesen atives votes on it tomorrow.) The chairman of he Nationa Republic. a n or ll mlttee rroil Reece) said Mr T . r . uma " administration to continue a policy of

the “tax and tax, spend and spend, and elect and elect philosophy of the now discredited New Deal.” The president of the National Association of Manufacturers (Mr Carl Bunting) declared that the veto was “a political gamble with the jobs and pocket-books of the American people at stake."

The-Secretary of the Treasury (Mr John Snyder) said the veto was thoroughly justified by the Government’s financial condition. He added that Mr Truman’s message “constitutes a firm assurance to the American people that the administration is determined that the Government’s finances will be kept on a sound basis.”

In New York, after early desultory trading, the Stock ' Exchange rallied after the announcment of Mr Truman’s veto of the tax-reduction bill, and leading stocks gained. However, the bond market was dull all day, with little change in prices.