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In fifteen states, until submitted to a popular vote, no law changing the location of the capital is valid; in seven, no laws establishing banking corporations; in eleven, no laws for the incurrence of debts excepting such as are specified in the constitution, and no excess of "casual deficits" beyond a stipulated sum; in several, no rate of assessment exceeding a figure proportionate to the aggregate valuation of the taxable property.
We reinvented government, transforming it into a catalyst for new ideas that stress both opportunity and responsibility, and give our people the tools to solve their own problems. With the smallest federal workforce in 40 years, we turned record deficits into record surpluses, and doubled our investment in education.
This record includes our inherited burden of indebtedness and obligations and deficits. The current year's budget, as you know, carries a 5.9 billion dollar deficit; and the budget, which was presented to you before this administration took office, indicates a budgetary deficit of 9.9 billion for the fiscal year ending June 30, 1954. The national debt is now more than 265 billion dollars.
First, we must move quickly to complete the unfinished business of our country: to balance the budget, renew our democracy, and finish the job of welfare reform. Over the last four years we have brought new economic growth by investing in our people, expanding our exports, cutting our deficits, creating over 11 million new jobs, a four-year record.
She's certain to have seen that expenses were great, and that heavy deficits had to be squared, so wishing again to curtail some item or other, who knows which, she devised this plan as a preparatory step, in order that when it came to be generally known, people should say that they had been reduced to such poverty.
To assure a sustained recovery, we must continue getting runaway spending under control to bring those deficits down. If we don't, the recovery will be too short, unemployment will remain too high, and we will leave an unconscionable burden of national debt for our children. That we must not do. Let's be clear about where the deficit problem comes from.
And so things went on in a dismal circle, until they culminated, after repeated deficits, in a disastrous rebellion. That the people were justified in rebelling, nobody who knows the treatment to which they were subjected will attempt to deny. Their cries were absolutely unheeded at Cairo.
Other orchestras, he found, as, for example, the Boston Symphony and the New York Philharmonic had their deficits met by one individual patron in each case. This, to Bok's mind, was an even worse system, since it entirely excluded the public, making the orchestra dependent on the continued interest and life of a single man. In 1916 Bok sought Mr.
Now, I realize that this four-part plan is easier to describe than it will be to enact. But the looming deficits that hang over us and over America's future must be reduced. The path I've outlined is fair, balanced, and realistic. If enacted, it will ensure a steady decline in deficits, aiming toward a balanced budget by the end of the decade.
Most remarkable of all the work of the chorus, perhaps, is the fact that it has not only paid its way, but it has in addition contributed financially to the help of the church. Most choral societies have to be supported by guarantors, or friends or members must reach down in their pockets and make up the deficits that occur with unpleasant regularity.
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