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1 The Federal Budget Outlook for Fiscal 1967 1 (1966)

handle is hein.tera/feeetcal0001 and id is 1 raw text is: THE FEDERAL BUDGET OUTLOOK FOR FISCAL 1967 Congressional Actions and Other Factors Point to Increased Spending There is unusual interest in the Federal budget outlook for this fiscal year 1967, due to the inflationary threat and speculation about possible tax in- creases. Promises that a decision on tax increases would be forthcoming when Congress completed action on 1967 appropriations and other measures affecting the budget, and Vietnam requirements were known, have heightened interest in the results of those actions. Earlier this year there were repeated warnings by the President and others about Congressional increases in the budget. Thus, even though in the closing stages of the recent session Congress did evidence some spending restraint, published tabulations indicating the President's budget requests were cut by some $650 million have lent an element of confusion to the budgetary picture. These actions are, of course, subject to Executive review and decision. How- ever, as of this writing it appears unlikely the usual official mid-year re- view of the budget, translating these and other factors into revised spending plans, will be published0 However, a preliminary unofficial analysis by the Tax Foundation, taking into account the budgetary actions of Congress and certain other known factors, suggests these general observations with respect to the budget outlook: == Administrative budget expenditures in the current (1967) fiscal year seem certain to be much higher than the $112.8 billion estimated last January, with increases in both military and non-defense spending. == Preliminary analysis indicates that, on the new spending authority basis used in the budget, Congress actually increased the President's requests by about $1 billion, providing total new spending authoriza- tions estimated at more than $123 billion; this total will be further increased next year, when supplemental requests of several billions, for Vietnam and to cover certain increases approved but not fully funded by the recent Congress, will have to be considered. == Another important element in the budget outlook is the asset sales program, the proceeds from which under present budgetary practice serve to reduce expenditures. Due to money market conditions loan partici- pation sales have been suspended; unless they can be resumed in. fiscal 1967, non-defense spending automatically will rise by as much as $4.2 billion. == In the final analysis, even though budget receipts are also ex- pected to be significantly higher than the $111 billion forecast in January, prospects for anything approaching a balanced budget this year depend very largely on the Administration.'s pledge to cut back or defer lower priority Federal soendina nroarams.

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