THURSDAY, NOVEMBER 3, 1949 Larger Deficits Loom for the U.S. Trend in Government Spending Sets Stage For Legislative Fight By Charles Moluny WASHINGTON, Nov.. 3. — (/Pr— President Truman's forecast .that the government will rim $5Vi billions further into Hie red this fiscal year set the stage totiay for a rousing taxes-vs-spending bat- Ue in Congress. The President now ngtires: 1. Federal spending will soar to a peacetime record of $43,500,000,000 in this fiscal year; which ends next June 30. This is equivalent, to $290 for each man, woman and child in the country, or nearly 1. one-fourth of tile national income. * 2. The govcnunent will be plung- : ed $5,500,000,000 in the red tecau.se Its income will 1 total only $38,000,000,000 with tax rates what they are now. Tills would place the federal debt next June 30 at approximately $260,000,000,000. Mr. Truman's new spending forecast was made yesterday In a revision of his estimates last-January on federal financial operations in the 12 months ending next June ' 30. : The forecast anticipates that the 81st congress will add $4,000,000,000 in spending' authorizations between next January and July to • supplement the billions it authorized at its recently concluded sessions. / Congress May Be Balky The administration figures that Congress . practically committed itself to providing the extra funds when it enacted or let stand the '- program of activities on which the spending would be incurred. Some top congressional figure,, . on the Democratic as well as the Republican side gave some show of thinking otherwise when Mr'.'Tru, man said raising taxes is the only way he knows to balance the budget. They said a belter way to balance the budget is to cut spending . —and congress, meeting next in , an election year, Is more likely to reduce taxes than raise them. ' The President's revised figures, ' however, attested to the collapse of ; "economy drive" talk that reached a high pitch several times in Congress this year. ' His new spending figure represented a : $1,600,000,000, or nearly four per cent, increase in the budget program—a peacetime record itself at the time—that he . asked Congress to approve in January. ' ';.-.. Revenue Estimates Lowered White lifting his spending sights, he slashed by .$3.000.000.000 •< the revenue - expectations he held in January, when his economic report pictured a boom likely to grow still bigger under inflationary pressures. " ' . •:'.- . Yet^the^President's new revenue ''forecast was pessimistic only in comparison with his January at. titude. The: $38,000,000,000 tax-take he now expects this fiscal year ;is . under one per cent less than was taken in during the preceding year. The estimate, officials said, w as based on an assumption that, the .. economic-' situation from mid-1949 to mid-1950 will be almost 5 the same as from mid-1018 to 'mid, 1949, which had an unsurpassed dollar-prosperity average. , : The $5,500,000,0000 deficit the . . President foresaw in ,the "good , times" period his figures 1 envi'sioh- r ed would constitute an overspending of income topping 'anything seen in the 1930s. That was when the policy of "pump primiri"" by government was introduced by President Roosevelt to combat depression, whereas now (he big expense. Is military and foreign ' aid items. NEW NAVY BOSS? - Informed sources in Washington say Vice Adm. Forrest P. Sherman, above, may soon replace Adm. Louis E. Denfcld as Chief of Naval Operations. Denfeld's testimony on unification is said to have practically disqualified him from representing the Navy on the Joint Chiefs of Staff. Sherman, 63. is commander of the Sixth Task Fleet in the Mediterranean. Investigators Seek Cause of Fire and Blasts WASHINGTON, Nov. 3. (AP) — Twin investigations' ,vere launched today into a fire and explosions that tore through' ; the two top floors of the Si 1,000,000 Postoffice Department Building Tuesday. The blasts injured 14 persons, most of them firemen, and with the blaze caused damage estimated by one official at S15C.OOO. •••.-' The Public Buildings Administration set up a board of inquiry in an effort to determine the cause of the fire and explosions. The District of Columbia fire marshal also organized an investigation. Most of the 3,000 government U'orkers had fled when a fire alarm sounded, and were clear of the building when the blasts occurred One government engineer said n short-circuit probably caused the oil, 'in which a transformer was immersed, .to become overheated and explode. ; Negro Flees Jail BENTON. Mo., Nov. 2 — (AP) — Recce Cole, 40, a negro, knocked a jail attendant down and escaped from Scott'County Jail her ye-ster- day. The highway patrol said Cole was held on'an assault charge. Buys Weekly Newspaper .BENTON. Me:, Nov. 3. <AP) .— A newly formed organization'-known as the . Scott County Publsihing Company, today purchased 'the Scott County Democrat, weekly newspaper, from Alden Pinney; The ne\v owners, hcaded-.by Charles L Blanton, .publisher of the Sikeston Standard', will take charge Nov. n. r WOODS Drug Store Experienced Prescription Service Phone the Load Off Your Back! It's as easy as (hat! Pick up your phone—call us—and see your wash-day load disappear like magic! Yes— n-e'il call for your launHry and do all ttf (he-\vork while you spend your wash-day in carefree relaxation! In a short'time we'll return your wash to you— sparkling clean and'in perfect condition. Don't, postpone ridding yourself of wash-day blues. Call-as today, 4-118. , •-.-•• Blythevi|le Laundry & Cleaners Rhone 4418 BLYTHEVILLE .(ARK.) 'COURIER:.NEWS PAGE NIN« RICH BROADCLOTH IN NEW STYLES 58 NO 20% TAX SALE! 8.69 HEAVY VIRGIN WOOl ZIPPER FRONT JACKETS! Special prlc« thli week oolyl Warm, long.wearing jackati, cut lull lor faction.'Rayon lining, (•.nil waist. Rod or brown buRolo ploidi. AH >'un. Jov« riowi SALE! REG. 19.98 COSSACK JACKETI GENUINE PRIME HORSEHIDEI Sonsollonolly prlcedl SuppU, glooming front-quarter Itathtri thai Veep you warm on <old• il, wlndieit dayi,, Coisock ilyle, rayon linad. Zipp«r front. Now the luxury, warmth and beooty of a fur-trimmed coot \t yo'urs'at a pries that's budgeMgrit. These aren't ordinary cbo'tj either. They ore smooth all-wool, broadclolru with hand.finished detoMs^The luxurious furs ore mouion'-dyed lamb, dyed musVral, dyed persfon lamb, dyad and natural squirrel, and dyed Jndi'on lamb.'Choose your coot today, and combine quality with thrift! Winter colors. 10-18. Otfwr Fur-Trim Cootj $38 Add Fut-Trim Cooti To Your Monthly Paymtnl Account I SALE! REG. 5.98 RAYON TWILL BASEBALL JACKET, 8 TO 20 Colorful "worm-up" jacket for ' •' the active outdoor boyl Two- Ions, with knit wrists, neck ond Waistband. Zipl all the 'way ^up th» front. 2 pockfii. SPECIAL! ALL-WOOL COATS FOR TOTS, FLARED AND FITTEDI 3-6X Adorably itylad flared or filled cools that you'd expect to pay much more forl 100% wool, in bn'ohl new colon. Warmly lined and carefully tailored! SALE! VITALIZED OILI 17; , Tax 'met. Why poy 35c a quart elsewWe for oif? Save—get Vitalized PREMIUM GRADE motor oil. Losls longer—10 you »av« twice! Rids motor of power robbing carbon! No other oil lubricalM batterl Reg. 1.79 rwo-gal. con. Vitalized oil. Tax mcl 1" REG. 11.08 BETTER QUALITY SEAT COVERS ,07 foiy to mtallt Swion 10 Give your cor that "cgslom-buill"app»ar- oncel Wards Better Quality covers are tailored with elastic inserts—covers ftl smooth, wrinlle-freej Soil ond lade resistant fiber m colorful p'oid pattern*. Clean quickly, easifyl WARDS RIVERSIDE SPARK PLUG. REG. 43e 331 NOW get Words famous ISversfde Jporl plug at this special low price! Guaranteed to give you performance equol to any plug regardless of price! You gel extra gas savings—quicker starts. Buy "owl Get extra savings on a fufl setl SALE! REG. 95c ICE- GUARD ANTI-FREEZE 88 C SALE! Guaranteed "Standard" Now only 11 45 1 • .xch. fih met! cant Guaronlood 2-i MONTHSI Cornpore perform- anco —"Standard" equals,or excesds rhe power and copocily of most original equipment. 45 plntoi. ICO ampere-hour capacity. Compctr. PRICE-you ?M IESS for Winler King'j out- itonding qualityl • • WARDS COMMANDER BATTERY Guaranteed 1 2 months. 39 plol«. «gc 80ompero-hourcapacity. Exchange. | "HEAVY SERVICE" BATTERY . Guaranteed 30 months! 51 plal«. IIQ5 110 amp.-hr. capocily. Exchang*. II SALE! WARDS TRAIL BLAZER! Exch; 6.00-16 first quoliry rroteriols to giva reof sofoty. $ov«l SALE! WARDS POWER GRIP1 Words fomows lc« Guord Ami-Freeze ij better thon deoorur»d okphol! Helpi prevent njrt ond corroiio*... will not iniure ory port of coolfng jyll«m. Equal to Rationally odvefrtj»d broods itlling for •wch morel Buy_r~}OWfofWiot»f—Sovel SI II 650./6.70-15 6.50/0,70-16 7.00/7.60- Id THAU •1A2£K* 11.85 rowti Off 14.25 14.50 16.70 SI71 5.25/5.50-17 4.75/5.00-19 4.40/4.50-21 TKAIl felAZEX* 9.95 9.25 9.25 roAtu Gtir* 11.95 10.60 10.60 "^tut fedtrot To* fx^ange Exch. 6.0O-U Get this famous winter traction fire ot a h* sole price! Power Grip's big knob tread give* you traction oil ways, plowi Jhrough sooW, mud I • TIRES MOUNTED rKEE! • 1.50 WEEKLY iUTS POUR TWIS!
What members have found on this page
Get access to Newspapers.com
- The largest online newspaper archive
- 8,900+ newspapers from the 1700s–2000s
- Millions of additional pages added every month