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1 Federal Expenditures for Public Works 1 (1966)

handle is hein.tera/feexpepw0001 and id is 1 raw text is: 1966 - 3 FEDERAL EXPENDITURES FOR PUBLIC WORKS A Possible Candidate for Spending Restraint In connection with current efforts to reduce the threat of daraging inflation and escape the necessity for proposing further tax in- creases this year, President John~on recently has urged business leaders and State and local officials to review their capital con- struction plans with a view to deferring, curtailing, or abandon- ing such constructicn where possible. He has indicated that Federal agencies were involved in a similar review of their substantial public works prograis. There have been references recently to the possibility of a 3i. billion cutback in total Federal expenditures in the current (1966) fiscal year; to wh t extent any such reduction, if achieved, might involve public works spending is not known at this time. In any event, Federal public works spending has a significant impact on the economy. New construction outlays in calendar 1965 (private and public) totaled 571.6 billion, according to data prepared by the Council of Economic Advisers. Public construction (Federal State, and local), at $V1.6 billion, represented slightly more than 30 per- cent of that total. Significantly, dircct Federal construction and Federally-aided public works constituted Ebout 35 percent of the volume of public construction in 1965. Direct Fderal works expend- itures accounted for about one-fifth of all public construction. Additionally, there :re other ways in which Federal public works outlays affect the total volume of construction activity. SoL.e Federal expenditures contribute significantly to construction under- taken by private cooperatives and nonprofit groups. And the level of construction activity in the private sector is also affected by Federal expenditures for procurement (pErticularly for defense nd space equipment), and by other construction aids in the forms of leases, loans, quarantees and tax concessions. Scoye of Federal Public Works~ Spending Direct Federal expenditures for civil and defense public works pro- jected for fiscal 1967, from both administrE.tive budget and trust funds, total almost $9 billion. Defense public works spending (which

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