DEFICIT IN AMERICA.
£80,000,000 IN TWO MONTHS. REDUCTION IN EXPENDITURE. DRASTIC CUTS ANNOUNCED. By Telegraph—Press Association—Copyright. . (Received September 8. 6.5 p.m.) WASHINGTON, Sept. 2. With the disparity between revenue and expenditure steadily mounting the deficit for the first two months of the fiscal year already being 396,000,000 dollars (about £80,000,000) the President, Mr. Hoover, to-day called into conference Mr. W. Wood, chairman of the Appropriations Committee of the House of Representatives. Mr. Wood later announced that drastic cuts would be made in the Army, Navy and Federal Farm Board appropriations as well as those of other Government departments in order to avoid sharp increases in national taxation. " The Government must ba more sober in spending," said Mr. Wood. " When the people were spending like drunkards they did not object to the Government's spending in the same way, but the situation has changed. If we can only cut down unnecessary expenditure we can gradually balance the Budget."
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New Zealand Herald, Volume LXVIII, Issue 20969, 4 September 1931, Page 9
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156DEFICIT IN AMERICA. New Zealand Herald, Volume LXVIII, Issue 20969, 4 September 1931, Page 9
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