About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

1 Congress and the Federal Budget: An Analysis of Fiscal Actions Affecting 1966 and Future Budgets 1 (1965)

handle is hein.tera/cfedbuana0001 and id is 1 raw text is: 1965 - 7
An Analysis 'f Fiscal Actions Affecting 1966 and Future Budgets
# #     Federal administrative budget expenditures in the current fiscal
year, estimated at $99.7 billion in January, now seem certain to break
through the $100 billion barrier for the first time. If expenditures fcr
the remainder of this fiscal year merely hold to the level of the first
(July - September) quarter, administrative budget spending would rise to
$102.7 billion this year.
# #     The huge build-up of appropriations and other spending authori-
zations, together with the pressures generated by the approval of so many
new and expanded programs, presage further increases in Federal spending
in fiscal 1967 and beyond.
# #     New and/or expanded spending programs approved by the Congress
this year involve authorizations of expenditures over the next five years
which may be estimated, very conservatively, at more than $30 billion.
# #     An estimated $107.7 billion of new spending authority for fiscal
1966 (including $12.8 billion of permanent authorizations, largely for
interest, not requiring specific action) was enacted by the Congress during
its recent session. This compares with an estimated $105.8 billion pro-
vided for fiscal 1965, and the $101.1 billion granted for fiscal 1964.
# #     The $107.7 billion total of new spending authority enacted by
Congress this year represents a reduction of about $1.8 billion, or less
than 2 percent, in the revised budget requests -- the smallest reduction
in recent years. Moreover, it is already possible to identify more than
$1 billion of these reductions which the Congress is likely to restore
through consideration of supplementals for fiscal 1966 early next year.
#. #    Administration recommendations in two major revenue areas were
acted upon by Congress in its recent session. Excise tax liabilities were
reduced by about $1.75 billion effective this year and by an estimated
$3.4 billion effective in 1966. On the other hand, payroll taxes were
increased by roughly similar amounts when the Congress approved the new
social security-medicare legislation, involving both increases in the
taxable wage base and the tax rates (including the tax to finance the new
basic health insurance program). In addition, consideration will be given
early next year to proposals to increase the Federal unemployment tax.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing nearly 3,000 academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.

Contact us for annual subscription options:

Already a HeinOnline Subscriber?

profiles profiles most