BALANCING OF BUDGET

Taranaki Daily News, 8 June 1932, Page 7

BALANCING OF BUDGET

BILLION DOLLARS SCHEME

AMERICAN TAXATION MEASURE. PASSAGE OF COMPROMISE BILL. By Telegraph—Press Assn. —Copyright. Washington, June 6. Ths United States Senate to-day accepted tho Compromise Tax Bill, completing the Congressional action, and sending it to President Hoover for signature. By adopting the conference report and adjusting its differences with the House of Representatives, the Senate ended the intense struggle that went into the making of the .1,118,500,000 dollars Bill. Congress has hurried to a conclusion its greatest peacetime task, that of balancing the gaping Treasury deficit to preserve the United States dollar from the attacks pictured by President Hoover. The Billion Dollar Revenue Bill was returned to the House again and directed io a conference between the two branches for a final agreement on the legislation. The gigantic tax-raising measure, intended to provide 1,115,000,000 dollars in new funds for the Government next year, will do the job of putting the country on the “pay as you go” basis again, assert the spokesmen for the administration.

A later message states that President Hoover has signed the Tax Bill.