Budget balance goal outlined by President Truman
President Truman said the nation is on the way to a balanced budget aiming to balance the 1947 budget and retire the national debt in boom times. He cited higher receipts and lower expenditures reducing the 1946 deficit by about seven billion dollars below January estimates.
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Washington
INS
Truman
Deficit Outlook for 1946 and 1947 Highlights Tax Receipts
President Truman warned of a large 1946 year deficit with an expected 3.6 billion shortfall in the second half. He noted January-March 1946 had a small surplus of 125 million driven by March tax receipts, while April-June would see a 4.4 billion deficit due to IMF payments and higher interest refunds and public works costs. He said 1947 receipts should be higher but ongoing spending deferrals cloud precise forecasts.
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International Monetary Fund
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