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Whether this step meant that the government was now going to share the control and the profits of the company, or whether it meant that it was henceforth to be saddled with the responsibility for any deficits, was a point much in dispute. Later, the outbreak of war in Europe delayed, but did not altogether halt, the floating of the loan and the completion of the remaining links.
Even as through these trade agreements we prepare to cooperate in a world that wants peace, we must likewise be prepared to take care of ourselves if the world cannot attain peace. For several years past we have been compelled to strengthen our own national defense. That has created a very large portion of our Treasury deficits.
I can assure you, the bipartisan leadership of Congress, of my help in fighting off any attempt to bust our budget agreement. And this includes the swift and certain use of the veto power. Now, it's also time for some plain talk about the most immediate obstacle to controlling Federal deficits.
Gladstone said: "From thence it follows that the policy of the Liberal party has been to reduce the public charges and to keep the expenditure within the estimates, and, as a result, to diminish the taxation of the country and the national debt; that the policy of the Tory government, since they took office in 1866, has been to increase the public charges, and to allow the departments to spend more than their estimates, and, as a result, to create deficits and to render the reduction of taxation impossible.
Our Railroad Bill falls into the same class because it seeks to provide and make certain definite planning by the railroads themselves, with the assistance of the government, to eliminate the duplication and waste that is now resulting in railroad receiverships and continuing operating deficits.
The deficits had been obscured by a funding system under which payments to the sinking fund were practically made out of borrowed money, so that the debt had risen from $80,000,000 in 1793 to nearly $83,000,000, in 1800.
There are some who say that growth initiatives must await final action on deficit reductions. Well, the best way to reduce deficits is through economic growth. More businesses will be started, more investments made, more jobs created, and more people will be on payrolls paying taxes. The best way to reduce government spending is to reduce the need for spending by increasing prosperity.
Unless we check the excessive growth of Federal expenditures or impose on ourselves matching increases in taxes, we will continue to run huge inflationary deficits in the Federal budget. If we project the current built-in momentum of Federal spending through the next 15 years, State, Federal, and local government expenditures could easily comprise half of our gross national product.
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.
But he was willing to stake his life that the check from the canning company to Brauer was for a full premium without any 5-per-cent reduction, and that Brauer, himself, was withholding this alleged rebate and applying it to making up the deficits on the fire premiums he had discounted.
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