New-York tribune., 1922-11-02
Z. S. Will Live
w itIlin Income
For Next Year
Gen. Lords Report, To Be
Handed Harding in Few
Days, to Show 8 Billion
Dollar Budget Balance
Executives Efforts Help
200 Millions Pared FROM
Estimates; President Well
Pleased at the Result

From The Trsbune's Washington Bureau
WASHINGTON, Nov. 1.-The United
States government is at last almost
out of the woods financially. General
Lord, director OF the budget, has the
estimates Of the next fiscal year ready
to go to President Harding next week
for his approval and transmission to
Congress.
These figures have been pared and
slashed and revised until they are we'll
within the estimates Of the Treasury
Department for the revenue for the
next fiscal year. Not only that, but
the predicted deficit of $6ss, cot, 900 for
this fiscal year, ending next June So,
will be much reduced. &
President Harding is now in a po-
sition where he is assured S.le xovern-
ment of the United States will bs
fully self-sustaining next fiscal year
and he is greatly reioiced over it,.
No additional taxation will be neces-
sary.
Harding Works on Budget
1t is not generally known that for
many months the President person
ally has devoted large amount OF
time each week to the Director of the
Budget and detailed consideration OF
I the budget items 1t is said by hi,sh
officials to be fact that the question
OF economy has occupied the mind of
the President more fully and unre-
servedly than any other official sub
ject. He has shown the keenest in
terest in giving close study to all
phases OF the budget question.
The estimated receipts of the gov
ernment, as calculated by the Treasury
Department Cor the next fiscal wear.
beginning July 1, 1923, amount to sa,-
19S,000,O00
The exact total of the estimates, as,
they are now prepared and ready for
the Presidents approval, is not made
public, but they are within the figures
already given as to the revenues which
the Treasury expects next fiscal year.
First Figures $500, 10000 Over
The preliminary estimates of the de-
partments and independent bureaus,
forty-three of them, were put into the
hands of General Lord early in August.
In, spite of the fact the President had
said he would not approve estimates
which would be above the revenues, it
was found these preliminary figures.
were about $200,000,000 in excess of
the expected revenues, as reported by
the Treasury to General Lord
Orders were then given by the Direc-
tor of the Budget to revise these fig.
ures and pare them down so the aggre-
gate would come within the govern
ment's anticipated income.
Even the estimate for cunning the
White House, which had shown some
increases for the coming year, was cut
al xrrSS 4 I@ 1rE L
Harding sanctioned it.
U. S. Self-Sustaining Nation
President Harding takes the view
that the United States is about the
only nation in the world that is nearly
self-sustaining, and he is anxious to
improve the country's financial situa-
tion. While. it has a deficit in sight
at the end of this fiscal year, officials
say there is no do.Ay the next fiscal
year will be great improvement over
the present year. Moreover, this will
be without any more taxes. The Presi-
dent has taken q stand against any
further tax legislation.
Tke estimates of actual expenditures
for the government this fiscal year,
| ending next June 80, amount to $3,771,- )
100000, and the estimates Of receipts
S., ,073, 600 ,000 This points to deficit
of $698,000,000. General Lord has been
seeking, under the Presidents direc-
ton, to reduce this prospective deficit
Some items OF expense, such as inter-
est, sinking fund, pensions for foreign
wars and outlay for the Veterans Bu-
Lord has been assured there will be
large savings which it is now felt sure
will reduce the prospective deficit
largely.