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War expenses only partly met by taxes
Senator George says the United States may finance about one third of the war cost from current revenues, with further tax increases likely. He notes tax boosts and nondefense cuts still leave a large budget gap, predicts more borrowing, and cites a plan to cut $1.131 billion in nondefense spending while awaiting further revenue measures. He warns against drastic taxes choking fighting equipment and outlines proposed savings across agencies and programs.
MENTIONED IN THIS ARTICLE
Associated Press
Washington
United States
George
Dga
Senate Finance Committee
Congress
Ifas
Pearl Harbor
Treasury
Joint Congressional Economy Committee
Byrd
D-Va
Civilian Conservation Corps
National Youth Administration
Farm Security Administration