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1 The Federal Budget for the Fiscal Year 1968 1 (1967)

handle is hein.tera/fralgetye0001 and id is 1 raw text is: 1967 - 1 THE FEDERAL BUDGET FOR TZ FISCAL YEAR 1968 A Summary Analysis The Fedcral budget for the fiscal year 1968 which President Johnson transmitted to Congress on January 24 represented his blueprint for (1) pro- viding all the resources needed to meet U. S. requirements in Vietnan, (2) pressing ahead with domestic programs at a controlled and reasoned pace, and (3) continued economic growth and achievement of a more balanced economy. The emphasis on the economic impact of this budget and upon the rela- tively little-known national income accounts budget concept rather than the conventional administrative budget, has tended perhaps to introduce a new element of confusion into an already extremely complex fiscal plan of action. Understanding of the budget and its current and future implications by the public, and by the Miembers of Congress who must now consider and pass- upon its proposals, may be complicated by the constant shifting in this budget message between presentations in terms of the national income accounts, the cash budget, and the administrative budget concepts. No matter which concept is used, however, it is obvious that the new budget projects significant increases in Federal expenditures, and that these increases are not limited to Vietnam or other defense requirements. On the national income accounts basis emphasized by the President in his message, estimated increases, for Vietnam and other defense outlays, over fiscal 1967, amount to $5.8 billion -- or only about 37 percent -- of total pro- jected increases of $15.6 billion. On an administrative budget basis expenditures for fiscal 1968 are estimated to be $8.3 billion higher than in the current fiscal year (1967) and $28.0 billion above actual expenditures for fiscal 1966. Increases for nondefense outlays account for $3.0 billion of the total increase over 1967 and for more than $1O billion of the increase over fiscal 1966. Table 1 on the following page sets forth the principal Federal budget totals for each of these budget concepts, together with data on the public debt and spending authorizations, for selected fiscal years since 1960.

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