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Updated: June 2, 2025
In certain appropriations, such as those for long-cycle procurement, considerable carry-over of unliquidated obligations into future years is to be expected and is necessary. However, substantial further rescissions can and should be made when the war liquidation program tapers off and budgetary requirements for national defense are clarified.
The mesmeric influence of national party names in civic politics is waning; the rise of home rule for the city is severing the unholy alliance between the legislature and the local Ring; the power to grant franchises is being taken away from legislative bodies and placed directly with the people; nominations are passing out of the hands of cliques and are being made the gift of the voters through petitions and primaries; efficient reforms in the taxing and budgetary machinery have been instituted, and the development of the merit system in the civil service is creating a class of municipal experts beyond the reach of political gangsters.
In connection with the institution of the National Fund and the budgetary system set forth in the minutes of the National Spiritual Assembly, I feel urged to remind you of the necessity of ever bearing in mind the cardinal principle that all contributions to the Fund are to be purely and strictly voluntary in character.
Over these many months I have personally participated in its development. The aim is a sensible posture of defense. The secondary aim is increased efficiency and avoidance of waste. Both are achieved by this budgetary plan. Working by these guide lines I believe with all my heart that America can be as sure of the strength and efficiency of her armed forces as she is of their loyalty.
For all these reasons her position is grave, and her excess of imports as serious a symptom as in the case of France. The existing inflation and the maladjustment of international trade are aggravated, both in France and in Italy, by the unfortunate budgetary position of the Governments of these countries. In France the failure to impose taxation is notorious.
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.
Over these many months I have personally participated in its development. The aim is a sensible posture of defense. The secondary aim is increased efficiency and avoidance of waste. Both are achieved by this budgetary plan. Working by these guide lines I believe with all my heart that America can be as sure of the strength and efficiency of her armed forces as she is of their loyalty.
In the meantime they are helped by sales of war material and surplus American stocks and do not scruple, even in the latter half of 1919, to meet the deficit by the yet further expansion of the note issue of the Bank of France. The budgetary position of Italy is perhaps a little superior to that of France.
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.
We shall continue on a sensible course of fiscal and budgetary policy that we believe will keep our economy growing without new inflationary spirals; that will finance responsibly the needs of our men in Vietnam and the progress of our people at home; that will support a significant improvement in our export surplus, and will press forward toward easier credit and toward lower interest rates.
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