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The forecast presented by the outgoing administration with the fiscal year 1954 budget indicates that before the end of the fiscal year and at the peak of demand for payments during the year the total Government debt may approach and even exceed that limit. Unless budgeted deficits are checked, the momentum of past programs will force an increase of the statutory debt limit.
In formulating the well-laid plan which I had just been putting into effect, the one contingency I had not budgeted for was that she might adhere to the sentiments which I expressed. I had braced myself for a gush of stormy emotion. I was expecting the tearful ticking off, the girlish recriminations and all the rest of the bag of tricks along those lines.
In the same way he budgeted on a 1s. 8d. rupee, though the rate of exchange for the rupee was then under, and has only quite recently risen above, 1s. 4d. This means an inevitable and considerable loss to the Government of India on all the home charges which it has to remit to London.
The supply of beer was reduced. The Chancellor of the Exchequer had budgeted for five hundred millions, and was very proud. The best people were at once proud and scared of the new income tax at 5s. in the £. They expressed the fear that such a tax would kill income or send it to America.
Before it began the first Assembly of the League had suggested one line of approach that there should be an agreement to limit expenditure; that an attempt should be made to limit armaments by limiting budgets; and nations were asked to agree that they would not exceed in the two years following the acceptance of the resolution the budgeted expenditure on armaments of the current year.
While it is true that State and local law enforcement agencies are the cutting edge in the effort to eliminate street crime, burglaries, murder, my proposals to you have embodied my belief that the Federal Government should play a greater role in working in partnership with these agencies. That is why 1971 Federal spending for local law enforcement will double that budgeted for 1970.
The revenue of Russia in 1913 was over £324,000,000; she has budgeted for £78,000,000 of military expenditure in 1914, of which some £15,000,000 is emergency expenditure. The total revenue of the German Empire in 1913 was £184,000,000; she has budgeted for a military expenditure in 1914 of £60,000,000.
Every order the Emperor gives that is not of a purely domestic kind passes through one of his three cabinets the Civil Cabinet, the Military Cabinet, or the Marine Cabinet. The cost of the first, with its chief, who receives £1,000 a year, and half a dozen subordinate officials on salaries of £200 to £350, is budgeted at about £10,000 a year.
The forecast presented by the outgoing administration with the fiscal year 1954 budget indicates that before the end of the fiscal year and at the peak of demand for payments during the year the total Government debt may approach and even exceed that limit. Unless budgeted deficits are checked, the momentum of past programs will force an increase of the statutory debt limit.
While it is true that State and local law enforcement agencies are the cutting edge in the effort to eliminate street crime, burglaries, murder, my proposals to you have embodied my belief that the Federal Government should play a greater role in working in partnership with these agencies. That is why 1971 Federal spending for local law enforcement will double that budgeted for 1970.
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