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The Nome Nugget
Nome, Nome County, Alaska
What is this article about?
The U.S. budget deficit for fiscal 1952 is estimated at about $3 billion, 38% less than President Truman's $8.2 billion prediction, due to overestimated spending and slightly over-optimistic revenues. This marks an $8.5 billion decline from the 1951 surplus of $3.5 billion.
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WASHINGTON. (AP)-The budget deficit for fiscal 1952 appears to be about three billion dollars -or 38 per cent-less than President Truman predicted.
This was indicated as Treasury bookkeepers worked to get together Tuesday the final figures for the period, which ended Monday. The President estimated last January the deficit would be $8,200,000,000. But his spending figure of $70,900,000,000 has proved a big overestimate, and his revenue figure of $62,700,000,000 a bit over-optimistic.
While a three-billion-dollar deficit for fiscal 1952 would constitute a big improvement over the President's estimates. it would nevertheless reflect an 81/2 billion decline from fiscal 1951, which ended in a budget surplus of 31/2 billion.
In the year just closed, budget outlays jumped about 50 per cent higher than the preceding year.
Where the President went wrong was in expecting spending to zoom 57 per cent as a result of the expanding defense program.
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Where did it happen?
Domestic News Details
Primary Location
Washington
Event Date
Fiscal 1952
Key Persons
Outcome
budget deficit of about $3 billion, down from estimated $8.2 billion and 1951 surplus of $3.5 billion
Event Details
Treasury bookkeepers compiling final figures for fiscal 1952, ending Monday; President's January estimates overestimated spending at $70.9 billion and revenues at $62.7 billion; outlays rose 50% from prior year due to defense program, less than expected 57%.