U.S. ESTIMATES OF BIG DEFICIT OVER BUDGET
(N.Z.P.A.—Copyright) WASHINGTON, Nov. 1 (Recd. 7.20 pm).—President Truman’s Budget Bureau today estimated that the Government would have a deficit of 5,500,000,000 dollars for the financial year ending June 30, 1950. The estimated deficit is .more than six times the 900,000,000 dollars deficit Mr. Truman expected last January when he presented the Budget to Congress. The bureau said the reasons for the huge estimated increase in the deficit' were higher Government expenditures and lower revenues. Expenditures earlier were expected to be 41,900,000,000 dollars, but the revised estimate was 43,500,000,000 dollars. Revenues earlier estimated at 41,000,000,0000 dollars now were expected to be only 38,000,000,000 dollars. The Bureau said the revenue decline was due to the moderate drop in prices, money incomes and corporate profits since the original estimate was made. The increase in Government spending was due to more extensive benefits to ex-servicemen, a bigger Post Office deficit, higher costs of farm price supports and more Government financing of home mortgages. *
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Wanganui Chronicle, 3 November 1949, Page 5
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166U.S. ESTIMATES OF BIG DEFICIT OVER BUDGET Wanganui Chronicle, 3 November 1949, Page 5
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