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This newspaper page contains 11 articles. Subscribers can read the full text of each article.
Newspaper
Syracuse Herald Journal
Location
Syracuse, New York, United States of America
Date
Aug 04, 1946
Page
8
President Truman outlines a review of the 1947 budget noting higher expenditures and receipts since January. He projects a deficit near 1.9 billion dollars for 1947, with overall debt and tax receipts adjusted downward and a substantial postwar spending cut expected to persist.
Government plans drastic budget controls to reduce 1947 public works and military outlays. Officials await Congress action on price controls while urging postponement of new purchases and grants loans to limit labor and materials use.
The United States plans a 1947 federal outlay of 41.5 billion dollars, down from the 100 billion wartime peak, with revenues dropping to 39.6 billion. War-related programs retreat as munitions procurement and civilian federal staff shrink, while veterans’ services and surplus disposal require growth. The armed forces fall from 123 million wartime to about 27 million, with further reductions expected by June 30, 1947.
The document describes bipartisan cooperation to trim wartime agency requests. It cites reductions from 34.2 to 26.5 billion dollars and further cuts to 24.9 billion dollars, excluding 7.8 billion in indefinite debt and miscellaneous items. It notes 2 billion dollars transferred through budget processes and ongoing restrictions on wartime appropriations.
President outlines plan to curb expenditures by at least 22 billion dollars in the current year. Secretaries of War and Navy ordered to reduce military spending, offset pay raises, and assess further cuts without harming national security or international commitments.
The total budget expenditures for the current fiscal year are now estimated at 41.5 billion dollars, up 5.5 billion from the January projection. Increases occur in National defense refunds veterans programs international finance housing and postal service, totaling 7.5 billion more than six months ago, due to new legislation deferrals and higher program costs. Other federal activities are expected to decline by 2.0 billion, yielding a net decrease of 5.5 billion.
Many veterans use educational opportunities and other benefits, boosting authorized program increases by 1.0 billion dollars. Tightening standards for readjustment allowances and on the job timing could yield economic savings as revised estimates show decreases.
The January estimate places net receipts at 31.5 billion for 1947, revised to 39.6 billion in table 1, an 8.1 billion increase based on expected sustained high economic activity and taxable incomes. It assumes taxes stay at current levels and IRS contributions grow at 2 1/2 percent through the year, with no further wartime tax cuts until inflation subsides.
Between the January and August estimates, receipts have gone no more than expenditures shy. The brief notes the gap showing how revenue falls short of outlays in the period.
The article quotes an official message stressing inflation as the top domestic issue, warning against shifting to a speculative economy after war and urging prudent budgetary policy as direct controls ease. It emphasizes private enterprise, self-reliance, and the risk of a boom followed by collapse.
The article outlines ceiling figures for ARMY flood control and rivers and harbors programs from 1947 into 1948, plus Interior Bureau of Reclamation funding, with new work caps. It notes signs of an economy campaign affecting veteran benefits in multiple states and directs the veterans administration to tighten pension and civil aid standards to protect the national budget.
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