Freeport Journal-Standard from Freeport, Illinois on July 1, 1968 · Page 28
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July 1, 1968

Freeport Journal-Standard from Freeport, Illinois · Page 28

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Freeport, Illinois
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Monday, July 1, 1968
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Page 28
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Freeport (III.) Journal-Standard Pg. 28 Men., July 1, 1968 See Smaller U.S. Deficit For '69 FY By JOSEPH R. COYNE WASHINGTON (AP) Armed with higher taxes and a congressional mandate to cut spending, the federal government headed into a new fiscal year today with the prospect of compiling its smallest deficit in three or perhaps four years. The budget deficit in the fisca year which ended at midnigh Sunday ran to about $25 billio by the administration's own es timate—the fourth largest ii history. President Johnson gave th government its deficit-cuttin] tools last Friday when he signei the 10 per cent income tax sur charge and accepted at the same time the $6 billion ii spending cuts he doesn't want. Americans will begin paying higher taxes in paychecks with holding after July 13. Deficit Could Be Low The tax boost and spending cut could drop the deficit for the new fiscal year to as low as $2.5 'billion if present spending estimates remain unchanged, an unlikely prospect. The government last ran a deficit that low in fiscal 1965 at $1.1 billion. The red ink rose to $3.7 billion in 1966 and to $8.8 billion in the fiscal year which ended one year ago. The only official word from the administration is that the deficit in the new year should move to well below the $8 billion projected last January. Spending for the Vietnam war at about $27 billion caused the large deficit in the fiscal year just ended. War costs are now figured at about $28.4 billion in the new fiscal year. Only WW II Deficits Higher Only three World War II deficits were higher all totaled more than $50 billion, with the one in 1943 reading $57.4 billion. In the last fiscal year, total spending if expected to hit between $175 and $180 billion when all the figures are compiled in about three to four weeks. Revenue can be expected to total about $153 billion. Last January, Johnson figured spending in the new fiscal year at $186 billion but since then the cost of the war hiked another $2.6 billion and Congress ordered the $6 billion cut in non-war costs. $15 Billion Additional Tax The tax package signed last Friday—which also includes a speed-up in collection of corporate taxes and extension of the 10 per cent excise tax on telephone service and 7 per cent excise on automobiles—will increase tax collections this ye?r by more than $15 billion. Fiscal 1968 just ended was ihe eighth straight deficit year. The last surplus came in fiscal I960 at ,$213 million. When Johnson submitted his budget to Congress last January, he envisioned a $19.8 billion deficit in the year just ended and an $8 billion deficit in the new year. Because of the continuing deficits, the federal debt has jumped to about $350 billion. On And Off Again Wedding Set Once More TULSA, Okla. (AP) - After postponing her wedding twice because of traffic injuries that hospitalized her, Cheryl Lynette Burris will be married to Kenneth Armstrong tonight—in Tulsa's St. John's Hospital. Miss Burris, 21, and Armstrong, 22, planned their wedding for June 21, but four days before that she suffered a whiplash injury in a traffic accident. The wedding was postponed to June 25. But on that day, Miss Burris suffered a more serious injury in another traffic accident in front of her home. She was hospitalized with a fractured neck. Her fiance, on a 15-day leave from Ft. Bragg, N.C., obtained a week's extension from his commanding officer so they could be married in the hospital. P/anfe Signs ST. LOUIS (AP) - The St. Louis Blues of the National Hockey League have signed former Montreal and New York goal-tender Jacques Plante. Atk Your Grocer For ... 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