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094628 1 (1975-08-19)

handle is hein.gao/gaobacula0001 and id is 1 raw text is: 094628 Address by E11er B. Staats Comptroller General of the United States before the 1975 Annual Inte rnational Conference National Society of Public Accountants . Houston, Texas August 19, 1975 THE NATION'S STAKE IN CONGRESSIONAL BUDGET REFORM Since the times of John Maynard Keynes, there has been substantial agreement that the Federal budget has great effect on the Nation's well-being. The Federal budget influences the economy in many ways -- both immediately and over extended periods of time -- and about 22 percent of the Nation's Gross National Product derives from Federal expenditures. A deficit or surplus can influence demand, price levels and employment substantially and it is in this area that the budget has greatest as well as most immediate impact. The dollars specified in the Federal Budget for specific purposes should reflect national priorities. Fifty-five percent of the budget for fiscal year 1976 goes for social services in the form of direct payments to individuals and grants to States and localities. These expenditures are transfer payments, reflecting the cost of our society's current vision of social justice. National defense expenditures are about 27 percent, leaving 18 percent for other Federal operations, including interest on the national debt. This leaves 11 percent for the conduct of foreign affairs, energy, and the administration of government. Although the percentages are small for this last group, huge sums are involved. Energy programs, for example, are expected to cost $2.2 billion.

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