Martin Patrick Durkin, a Democrat and president of the plumbers and steamfitters union, was selected as secretary of labor. As a result, it became a standing joke that Eisenhower's inaugural Cabinet was composed of 'nine millionaires and a plumber.' When Republicans gained control of both houses of the Congress following the 1952 election, conservatives pressed the president to support tax cuts. Eisenhower however, gave a higher priority to balancing the budget, refusing to cut taxes 'until we have in sight a program of expenditure that shows that the factors of income and outgo will be balanced.' GDP is calculated for the calendar year. The income, outlay, deficit, and debt figures are calculated for the fiscal year, which ended on June 30 prior to 1976.
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