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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Feb 03, 1975
Page
4
Rep. George H. Mahon warns Ford's deficit of 52 billion for the new fiscal year signals alarming danger signals as Congress may spend more. He cites no food stamp increase amid unemployment and notes debt interest will rise.
President Ford presented a 349.4 billion dollar budget for fiscal 1975 1976 forecasting 8 percent unemployment this year and 5 plus percent limits on social security increases. He warned deficits could rise to 87 billion if Congress fails to curb spending. The plan prioritizes defense and benefits payments and sleeves health insurance cuts.
Ford proposes a 349.4 billion budget with taxes and borrowing funding as follows. The plan shifts 39 cents of every dollar to benefits and 27 cents to national defense while cutting agriculture and boosting energy and space programs. The forecast shows unemployment rising to 8.1 percent this year and stubborn inflation, with a potential 65 billion deficit if Congress rejects much of the spending package.
President Ford's fiscal 1976 budget shows defense spending shrinking as health education and social programs rise. A comparison with 1956 figures highlights growth in income security and education while defense declines from 56.4% to 26.9% of expenditures.
President Ford proposes a 4.3 billion three agency energy package led by ERDA to coordinate federal energy research and development. He asks Congress for 3.89 billion for ERDA plus 207.6 million for FEA and 197.9 million for NRC as part of a broader shift to long term energy solutions.
The fiscal year will start on October 1 instead of July 1 after the 1976 budget. A transition quarter from June 30, 1978, to September 30, 1976, covers the gap between old and new cycles. The shift follows the 1974 Budget and Impoundment Control Act aimed at giving Congress more time to review each year’s budget.
Washington reports President Ford projects a 51.9 billion dollar deficit for fiscal year 1976, the second largest after World War II. The shortfall would push debt to 606 billion, with a quarter built since 1970, while the budget remains roughly 21.9 percent of GNP.
President Ford sent a 3.5 billion NASA spending plan to Congress for fiscal 1976, up 291 million from 1975. The budget prioritizes the space shuttle with 1.2 billion, a 400 million increase, and aims for a maiden shuttle flight by mid-1979 while continuing July joint Soviet American spaceflight prep and an August Mars life-detection robot launch.
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