US Presidency
1932

The Federal construction program thus limited to commitments and work in progress under the proposed appropriations contemplates expenditures for the next fiscal year, including naval and other vessel construction, as well as other forms of public works and maintenance, of a total of $ 442,769,000, as compared with $ 717,262,000 for the present year. The expenditure on such items over the four years ending June 30 next will amount to $ 2,350,000,000, or an amount of construction work eight times as great as the cost of the Panama Canal and, except for completion of certain long view projects, places the Nation in many directions well ahead of its requirements for some years to come. A normal program of about $ 200,000,000 per annum should hereafter provide for the country's necessities and will permit substantial future reduction in Federal expenditures.