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Facts Forum News, Vol. 4, No. 8, September 1955
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Facts Forum. Facts Forum News, Vol. 4, No. 8, September 1955 - File 059. 1955-09. University of Houston Libraries. University of Houston Digital Library. Web. January 19, 2020. https://digital.lib.uh.edu/collection/1352973/item/489/show/478.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum. (1955-09). Facts Forum News, Vol. 4, No. 8, September 1955 - File 059. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/1352973/item/489/show/478

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum, Facts Forum News, Vol. 4, No. 8, September 1955 - File 059, 1955-09, Facts Forum News, 1955-1956, University of Houston Libraries, accessed January 19, 2020, https://digital.lib.uh.edu/collection/1352973/item/489/show/478.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Title Facts Forum News, Vol. 4, No. 8, September 1955
Alternate Title Facts Forum News, Vol. IV, No. 8, September 1955
Series Title Facts Forum News
Creator
  • Facts Forum
Publisher Facts Forum
Date September 1955
Language eng
Subject
  • Anti-communist movements
  • Conservatism
  • Politics and government
  • Hunt, H. L.
Place
  • Dallas, Texas
Genre
  • journals (periodicals)
Type
  • Text
Identifier AP2.F146 v. 4 1955; OCLC: 1352973
Collection
  • University of Houston Libraries
  • Facts Forum News
Rights No Copyright - United States: This item is in the public domain in the United States and may be used freely in the United States. The item may not be in the public domain under the copyright laws of other countries.
Item Description
Title File 059
Transcript the 11e-l-Lii \ eiml the level "I oui Federal debt. B) this process, the Congress and thc public would have the means of knowing our fiscal position and the facilities would be provided for balancing tlle budget with reduction in taxes and debt. \leing with this, I have introduced legislation giving the President the authority to veto items w ilhin appropriation bills, thus according him a double check on log-rolling which mosl oi the governors in this country have used for years without abuse. In slnerl. I advocate one budget with lull disclosure as to our expenditures, which fixes responsibility not only for the expenditures but also lhe administration of expenditure programs; I advo- e ale a single appropriation bill in which Congress not only authorizes expenditures but controls them in a manner that can be considered in view of revenue. A budget is not a budget unless it has two sides- expenditure and income. And fi- nally, I advocate an item veto for the President, wine i- elected to his office In all of the people. W ith these provisions, I believe the budget can be balanced, the debt can be reduced and taxes can be lowered. If. by budgetary and legislative procedure, we could recapture control of expenditures from the bureaucratic agencies, there are obvious places where the) could be substantially reduced ami eliminated without impairment of any essential function. President Eisenhower has made a geiml start. Tin- Truman budget for fiscal year 1953 totaled $74.3 billion. Estimates of lhe Eisenhower budget currently under consideration total $62.4 billion—a re- duction of nearly $12 billion. Our tax im ome is $60 billion. Our deficits are decreasing, but we are not yel on a pay- <i--\ nij-go basis. Mosl of lhe reduction has been in the military, and this is largely incident to lhe end of lhe Korean \\ ,u. The Secretary of the Treasury, Mr. Humphrey, For whom I have great admiration, and the able Budget Director, Mr. Hughes, are working diligent]) ami making substantial progress toward sounder budgetary procedure ami the elimination of waste in expenditures. We are slill practically at the peak ol expenditures for tl istic-civilian programs eiml proposals, for more- eiii' com ing forth in a steady stream. In fact, expenditures l.n strictly domestic-civilian programs now total $21 billion, and this is nion- than three limes tin- total cost of these programs in 1940, when wc Btarted the World Wen II build-up. Even ihis is not the whole stor) on domestic-civilian expenditures; because these figures .1" nol reflect the liabilities PACTS FORUM NEWS, September, 1955 Alert Americans often want extra copies of Facts Forum News for Inline or office in order thai friends and clients meiy also become better informed. If you wish quantities of Fuels Forum Vein*, so thai you niee> give your callers a copy, order now at special hulk rule of 1.1 cents a eupy. See order blank on page 45. "I lhe tremendous leeein insurance anil guarantee programs. Nonessentials in these programs must hi- eliminated and this clearly can be done, as Mr. Hoover and his two fine Commissions on Government Organization have demonstrated in nearly 500 recommendations to date — some ol which have been adopted, while others -lill etweiil action. With the pressure for more and more governmenl which seems to characterize our limes, I am convinced lhat such constant examination of government as the Hoover Commission surveys has become a continuing necessity. Wilh budgetary disclosure and congressional control, under current circumstances and conditions, we should reject eill new proposals for federal spending innovations. In facl. lhe budget for fiscal year 1956, beginning next July 1. could be reduced $5 billion by eliminating expenditures contemplated under new legislation and b) eliminating increases in items under existing legislation, f woulel oppose all new proposals to invade the responsibilities "I slates, localities and individuals eiml starl immediately to liquidate man) eif tin- programs already in existence. Ucvond ihis. I would eliminate as rap- i'll\ ei- possible edl foreign economic aid. and I would get military expenditures quickl) in hand through control ol nn expended balances. So fat. we- have spenl nearl) $40 billion for foreign economic assistance. Ami at this late date, afler ten years of postwar foreign aid. the President has pin posed in increase foreign aid expenditures in ihe- coming Men bv nearly 10 per cenl. and he has asked Congress for new foreign aid appropri eil ions in eun.emits nearly 25 per ii-nl higher than wen' enacted during the pasl year. We are still employing 562,158 civilians overseas. These people are emplo\ ed all over the world, including 01 In Cambodia This foreign aid has gol to stop some time, and so far as I am concerned the time to stop so-called economic aid is peisl due. No one favors a reduction ol .nn pres cut burdensome taxes more than I do. I sit on both sides of the table. As an individual. I pay substantial taxes on my business operations. As a member of the Senate Finance Committee I have the opportunity to hear testimony of those who protest exorbitant taxation. But as anxious as 1 am as an individual for lax reduction, I am opposed patriotically to lax reduction which requires us to borrow emd add In lhe public debt. It seenis to me to be a certain road to financial suicide lo continue to reduce taxes and then to borrow tlie money lo make good this loss in revenue. V- things are now shaping up. there will be keen competition between the tw.e political parties for tax reduction in the political vear of 1056. If we reduce expenditures this is all well and good but. under political pressure, we should not yield to reducing taxes and slill further unbalance the budget. Tax reduction should never be made a political football. As chairman of the Senate Finance Committee, I opposed the $20 tax reduction to each individual as passed bv the House of Representatives this year. This would have occasioned ei loss e.l $2.3 billion to the Treasury, all of which would be added to the debt. It would have given a tax relief of only aboul 7 cents a day to each taxpayer and would have removed 5 million taxpayers completely from the tax rolls. To borrow money to reduce taxi- i- not, in fact, a tax reduction. It is merely a postponement of the collection of taxes as, sooner or later, the taxes thus re duced will have to be paid with interest. There is only one sound way to reduce taxes and that is to reduce spending first. At home we can get along without Federal usurpation of individual, local and state- responsibilities and. we can gel along withoul federal competition in business whether it he hotels, furs, rum. clothing, Fertilizer or other tilings. The Bible sav-: "II thine eye offend thee pluck it out." 1 say if the federal government should not engage in such activities, we should firsl slop new invasions and then gradually, if not abruptly, eliminate the old intrusions, \\ hen ive do these things we shall balance the budgel. for lower taxes ami reduced debt. 'There will be no further need foi trick budgets and debl ceiling evasions and hiding taxes. The government will be honest in itself, and honest with tin- people. A balanced budget could be in sight if la i we do not increase spending, and hi we do not reduce taxes. Assuming no further cut in taxes, only a 4 per cent reduction in spending, in terms of I lu- President s budget, would bring us to thai highlv desirable goal. Pane 57
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