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12 Tax Foundation's Washington News 1 (1960)

handle is hein.tera/wingnews0014 and id is 1 raw text is: January 8, 1960 Vo. _12 No. 1 920 Washington Building Washington 5, D. C. The President's State of the Union Messagi' delivered before a Joint Session of Congress yesterday contained one bir surprise. In the advance text, released to the press and others by the !hite House, the President advised that the Federal budget for the current fisCal year (1960) would show a surplus of about $200 million; also that he vould submit to the Conress on January 18 a balanced budget for fiscal 161, with some nen- tion of expenditure increases in certain areas. But then the Chief Executive--taking everyone by surprise--announced that 1961 expenditures will total an esti-oted ,79.8 billion--about $1 billion higher than the list official estiim:Ate for the current fiscal year--and that the surplus to be applied a ,aint the rr :ioi.al debt would total 88.2 billion. ost of the guessing wich had bcen done about the new budget totals placed expenditures at abut an '81 billion level, and the surplus at from $l to $2 billion. The President did not stop there. He continued: Personally I do not feel that any amount can be prcrcrly called a 'surplus' as long as the Nation is in debt. I prefer to thirnk of such an item as a 'reduction of our children's inherited mortga-e.' And once we have established such pay- ments as nornal practices we can profitably make improvements in our tax structure and thereby truly reduce the heavy burdens of taxation. In any event this one reduction will save taxpayers each year approximately $200 million in interest costs. The Chief Executive listed as one of the nagrging disorders which continue to afflict us the continuing threat of inrl.ation, together with the persisting tendency toward fiscal irresponsibi3Lty. He insisted that we meet squarely the issue of living within our teans, and emphasized that with interest charges alone now costing taxpayers about (.9. billion we must stop the growth of our national debt. Further along, in speaking of problems of urban growth, he urged that in meeting these problems we keep within the traditional framework of our Federal system with powers divided between the national and state governments and suggested that nothing is really solved, indeed ruinous tendencies are set in moticn by yielding to the deceptive bait of the 'easy' Federal tax dollar. Similarly, in discussing the problcms of education, he cautioned that the route to better-trained minds is not through the swift administration of a Federal hypodermic or sustained financial transfusion, and urged upon Congress the Administration's school building aid proposal, as against other broader and more costly programs. The unexpected announcement on the new budget thus set in motion this year's battle of the budget.

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