BUDGET DEFICIT IN AMERICA

Timaru Herald, Volume CXLII, Issue 20513, 3 September 1936, Page 9

BUDGET DEFICIT IN AMERICA

RELIEF BURDENS INCREASE MOUNTING PUBLIC DEBT PRESIDENT’S SIGNIFICANT ATTITUDE United Press Association—Bv Electric Telegraph—Copyrlgb* (Received September 2, 7.20 p.m.) WASHINGTON, September 1. Following the practice inaugurated last year, President Roosevelt to-day published revised Budget estimates for the 1936-37 fiscal year, supplementing the formal ones. The new figures indicate a probable deficit of 2.096,000.000 dollars, approximately 1.000,000,000 dollars more than originally forecast. The two main items responsible for the discrepancy are the payment of the veterans’ bonus, and the Supreme Court’s invalidation of the Agricultural Adjustment Administration, forcing the payment of farmers’ contracts from the Treasury funds. An increase of 237.000,000 dolalrs in the anticipated revenues, however, has somewhat lightened the burden. While declaring that unemployment is decreasing, the President gave no promise that they will be able to reduce relief benefits, indicating that an appropriation of at least an additional 500,000,000 dollars will be necessary in the fiscal year to meet drought and other relief requirements.