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094408 1 (1972-01-25)

handle is hein.gao/gaobadxkd0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE Washington, D. C. 20548 FOR RELEASE ON DELIVERY Expected at 11 a.m. EST Tuesday, January 25, 1972 STATEMENT OF ELMER B. STAATS . COMPTROLLER GENERAL OF THE UNITED STATES BEFORE THE SENATE SUJBCOMMITTEE ON FOREIGN COMMERCE AND TOURISM OF THE COMMITTEE ON COMMERCE ON [THE EXPORT EXPANSION ACT OF 1971 Mr. Chairman and members of the Subcommittee: I appreciate being invited to testify on possible ways to increase U.S. exports proposed by Senate Bill 2754. Consideration of this bill-- the Export Expansion Act of 1971t--comes at a critical time. For 77 years--until last year--the United States sold, or exported, more goods to other countries than it bought from them, or imported. This surplus in our overseas trade every year from 1893 through 1970 has been of enormous importance in assisting our country to finance its increasing \' ' v Ointernational obligations expressed in economic grant and loan programs costing many many billions of dollars and related diplomatic and military commitments. In 1971 this position was reversed and we bought more in other countries than we sold, creating the trade deficit. In addition the United States, over approximately the past decade has suffered, as all here know, a series of increasingly serious balance of payments deficits. The two problems are directly related, except that other factors contribute substantially more to the balance of Qq ' zoo?

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