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1 Expanded Federal Asset Disposals Emphasized in 1967 Budget 1 (1966)

handle is hein.tera/exfalasse0001 and id is 1 raw text is: 1966 - 2 EXPANDED FEDERAL ASSET DISPOSALS EMPHASIZED IN 1967 BUDGET Loan Sale Plan is Principal Vehicle for Holding Down Spending Total Mounting inflationary pressures, aggravated by steeply rising defense needs resulting from the Vietnam war, have produced rather general agreement that Federal fiscal restraint is currently in order. The Federal budget for fis- cal 1967, presented to the Congress in late January, stated that it pro- vides the appropriate fiscal environment for the maintenance of basic price stability with continued growth. While insisting upon moving ahead with Great Society programs in addition to meeting the rising costs of U, S, operations in Vietnam, the budget pro- poses to exercise a modest measure of fiscal restraint through: (1) a series of tax adjustment proposals designed to finance tho increases in Vietnam costs as well as domestic spending so as to promote economic stability, and (2) limiting the increases in Federal nondefense expenditures. The tax adjustment proposals, without major change, have been enacted. The effects of these tax actions will be to speed up tax collections but not on the whole to change tax liabilities. Pertinent questions exist as to the effectiveness of the spending restraints which are advanced in the 3.967 bud- get. While no evaluation of the impact of these proposed spending restraints on the economy is attempted in this report, it is of interest to examine them and their possible effect upon the 1967 budget. Apart from special Vietnam costs, the budget message stresses that proposed domestic spending increases for fiscal 1967 are to be largely offset by re- ductions in lower priority programs, by management improvements, and the substitution of private for public credit. Proposals included in the budget would reduce administrative budget expenditures by (1) placing the rural electrification loan programs and certain power administrations on a revolv- ing fund basis, permitting the use of repayments and revenues to finance new loans and operating costs; (2) transferring costs of certain programs, such as highway beautification and public land highway construction, from adminis- trative budget to trust fund financing; (3) curtailing expenditures under certain other programs, such as impact area school aid, school lunch, and special milk programs; and (h) increasing certain user charges and fees.

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