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To achieve this reduction within the limits of a manageable budgetary deficit, I urge: first, that these cuts be phased over 3 calendar years, beginning in 1963 with a cut of some $6 billion at annual rates; second, that these reductions be coupled with selected structural changes, beginning in 1964, which will broaden the tax base, end unfair or unnecessary preferences, remove or lighten certain hardships, and in the net offset some $3.5 billion of the revenue loss; and third, that budgetary receipts at the outset be increased by $1.5 billion a year, without any change in tax liabilities, by gradually shifting the tax payments of large corporations to a more current time schedule.
Exports now leaving the country are valued at only one-quarter or one-fifth of the imports from abroad. The National Debt is increasing by about a milliard lire per month. The military expenditure for one month is still larger than that for the first year of the war. But if this is the budgetary position of France and Italy, that of the rest of belligerent Europe is yet more desperate.
Therefore, by holding down the budgetary cost of existing programs to keep within the limitations I have set, it is both possible and imperative to adopt other new measures that we cannot afford to postpone. These measures are based on a series of fundamental premises, grouped under four related headings: First, we need to strengthen our Nation by investing in our youth.
Because an understanding of the truth about America is one of our most powerful forces, I am recommending a substantial increase in budgetary support of the United States Information Agency.
This budget is adequate to the current needs of the government. It recognizes that a Federal budget should be a stabilizing factor in the economy. Its tax and expenditure programs will foster individual initiative and economic growth. Pending the transmittal of my Budget Message, I shall mention here only a few points about our budgetary situation.
The first budgetary appropriation bill repealed an existing appropriation law. It reduced appropriations aggregating $9,709,288 to $8,762,664, a saving of $946,624.
I have asked for preliminary conclusions by the end of February and I then shall recommend whatever legislative, budgetary or executive action is needed in the light of these conclusions. In the meantime, I have asked the Defense Secretary to initiate immediately three new steps most clearly needed now: First, I have directed prompt attention to increase our air-lift capacity.
The possibility of further tax reductions must depend on the budgetary situation and the economic situation. The level of anticipated expenditures for the fiscal year 1947 and the volume of outstanding public debt require the maintenance of large revenues.
The president bears the responsibility for recommending to the Congress a comprehensive set of proposals on all Government activities and their financing. In formulating policies, as in preparing budgetary estimates, the Nation and the Congress have the right to expect the President to adjust and coordinate the views of the various departments and agencies to form a unified program.
For a seminar, a very small print run can be prepared upon request with electronic scientific texts sent to a printer. Electronic publishing could also keep alive some academic publishers, and publishers issuing documents relating to very specific and specialized research, for which the printing of a document in a small number of copies has become more and more difficult for budgetary reasons.
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