New October Budget Highlights a $394 Billion Outlay
President Ord unveils a $394 billion federal budget for the year starting Oct 1, with a $43 billion deficit, down from $76 billion. The plan trims spending growth, expands permanent personal tax cuts, increases Social Security taxes, and boosts defense to $101.1 billion. Foreign aid falls to $5 billion though Israel gets a $2.1 billion military credit program, and block grants replace 59 existing programs as social programs are reshaped.
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Deficit projected at 76 billion in Ford budget for 1977
The Ford administration projects a 1977 budget deficit of 76.0 billion dollars with receipts totaling about 351.3 billion and outlays near 427.3 billion. The table compares 1976 estimates and 1975 actuals for major revenue sources and spending by function.
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Ford proposes higher defense, social security tax rise
President Ford unveils a 1977 budget with increased defense spending and welfare cuts, plus a Social Security tax rise. He seeks tax cuts of 10 billion this year and 28 billion next year, while granting states broader control over 59 federal programs including Medicare.
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