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Story
February 8, 1961
The Nome Nugget
Nome, Nome County, Alaska
What is this article about?
House Speaker Sam Rayburn hints at possible budget deficits for current and next fiscal years instead of surpluses predicted by Eisenhower, agrees with Kennedy that tax cuts are not advisable now unless to boost business expansion.
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Speaker Rayburn Hints There May be Deficits Instead of Surpluses
WASHINGTON (AP) House Speaker Sam Rayburn, (D-Tex.), hinted there may be deficits this year and next instead of the surpluses forecast by former President Eisenhower.
Rayburn concurred with President Kennedy's view that a tax reduction is not in sight now.
"Wisdom would not suggest a tax cut," Rayburn told newsmen, "unless it would be one that would encourage business to expand."
Rayburn and other Democratic congressional leaders talked with reporters after their weekly meeting with Kennedy at the White House.
In obvious reference to Eisenhower's budget forecasting a $79 million surplus for this fiscal year, ending June 30, and a $1.5 billion surplus for fiscal 1962 Rayburn observed that "some former budgets have found money that didn't exist."
Asked whether this meant that deficits are more likely than surpluses, Rayburn replied: "Well, it is doubtful if revenues are going to be what have been anticipated by some people."
WASHINGTON (AP) House Speaker Sam Rayburn, (D-Tex.), hinted there may be deficits this year and next instead of the surpluses forecast by former President Eisenhower.
Rayburn concurred with President Kennedy's view that a tax reduction is not in sight now.
"Wisdom would not suggest a tax cut," Rayburn told newsmen, "unless it would be one that would encourage business to expand."
Rayburn and other Democratic congressional leaders talked with reporters after their weekly meeting with Kennedy at the White House.
In obvious reference to Eisenhower's budget forecasting a $79 million surplus for this fiscal year, ending June 30, and a $1.5 billion surplus for fiscal 1962 Rayburn observed that "some former budgets have found money that didn't exist."
Asked whether this meant that deficits are more likely than surpluses, Rayburn replied: "Well, it is doubtful if revenues are going to be what have been anticipated by some people."
What sub-type of article is it?
Historical Event
What themes does it cover?
Fortune Reversal
What keywords are associated?
Budget Deficit
Tax Cut
Fiscal Surplus
Sam Rayburn
Kennedy Administration
Eisenhower Budget
What entities or persons were involved?
Sam Rayburn
John F. Kennedy
Dwight D. Eisenhower
Where did it happen?
Washington
Story Details
Key Persons
Sam Rayburn
John F. Kennedy
Dwight D. Eisenhower
Location
Washington
Event Date
1961
Story Details
House Speaker Sam Rayburn suggests deficits may occur this fiscal year and next, contrary to Eisenhower's surplus forecasts, and supports Kennedy's stance against tax cuts unless they stimulate business growth.