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1963 Washington Report 1 (1963)

handle is hein.tera/wingtore0012 and id is 1 raw text is: 920 Washington Building No. 1-1963 Washington 5, D.C. January 18, 1963 THE FEDERAL BUDGET FOR FISCAL 1964--A SbUiARY The Federal budget for the fiscal year ending June 30, 1964, as sub- mitted to Congress by President Kennedy on January 17 - places, for the first time, major emphasis on the presentation of the budget on a consolidated cash basis, which covers Federal activities financed through trust funds as well as administrative budget totals previously empha- sized. - estimates the net revenue loss in fiscal 1964 resulting from the Presi- dent's forthcoming tax proposals at $2.7 billion, but leaves the specifics and details to be presented later this month in a special tax message. - proposes all-time record high expenditure total--c)98.8 billion on an administrative budget basis (and $122.5 billion on a cash budget basis)-- exceeding even the peak World War II expenditure. - forecasts administrative budget receipts totaling $86.9 billion in fis- cal 1964, after taking into account the President's tax program (cash budg- et receipts from the public are estimated at $112.2 billion in fiscal 1964). - forecasts an administrative budget deficit of $11.9 billion in the next fiscal year; the combined deficits for the three fiscal years, 1962-64, total $27.1 billion. The cash budget deficit is estimated at 3'10.3 billion. - estimates a Federal debt of $315.6 billion by the end of fiscal 1961, and requests further increases in the statutory debt limit. - again revises the estimates of receipts and expenditures for the current fiscal year (1963); on an administrative budget basis receipts are now esti- mated at -85.5 billion in this year, expenditures at ;94.3 billion, with a deficit of 98.8 billion (as compared to the deficit forecast of $7.8 billion released in mid-November, 1962). These and other highlights of the new budget are covered in more detail on the following pages. The major budget totals as presented in the budget, including those for both the administrative and consolidated cash budgets, are summarized in the following table:

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