Evening star., 1931-12-09

Ger which plans President Hoover tells
Congress S920,000,000 will be raised
next year, balancing the budget except
for the statutory requirement, and
would balance the budget, including
debt requirement, in the fiscal year be-
ginning July /, 1888" This plan would
provide about $39o, 900 for the cur
rent year, so that the net increase in
the public debt would be about 81 $780,
900, 900.
The President also explained in de-
tail how the receipts for the current
fiscal year, estimated at S3,956, ,000, 900,
will, because of the severity of the de-
preston" fall below this amount by
s1,717 100000. The principal items in
this decline Of revenues, the President
says, are income tax receipts, si,l40,-
600 900; customs receipts, $202 000, 600;
miscellaneous internal revenue receipts
sl32,000 900, and postponement of pay
ments Of principal and interest on the
foreign debt, s247 100000
Increases Are Cited.
This situation is intensified, tha
President points out, by the fact that 1t
is now estimated that expenditures will
probably be. s437 ,00o, 900 in excess OF
the original estimates. He lists the
principal increases, in part due to sub
sequent legislation, as:
Added benefits to veterans, $1S5,-
100000.
Public works to aid unemployment,
kl60, 900, 900.
Federal Farm Board fund, $50, ,O00, 900.
Interest on the public debt, s24,-
100000
Postal deficit, s8I, 900, 900.
Settlements under the war claims act,
S37,000,000.
Besides this probable net debt in
crease for the current fiscal year, the
President calls attention to total debt
increase for the fiscal year 1881 of
$6l5, 600. The actual receipts were
s516,000,000 less than the estimates.
Internal revenue and customs receipts
together accounted for s506 900 900.
Then the actual expenditures exceeded
the estimates by some S207, ,000, 900, at
tributable to special legislation for
emergency drought relief and increased
public works TO relieve unemployment,
coupled with the advance payment of
SIP 900 900 to the adjusted service GER
ttficate fund, offset in part by reduc-
tions and economies in other directions
For the fiscal year ending June 30,
1892, the receipts, originally estimated
at $3,956. .000, 900, are now expected to
fail of realization, the message said, be-
cause Of the severity of the depression
and will fall below the estimates by
100000. The principal elements
entering into this decline in revenues
are income tax receipts, $l,140, 900 600;
customs receipts, 1902 900 900; miscel-
laneous internal revenue receipts, 1892
1000, and postponement Of payments
of principal and interest ON the foreign
debt, s247,0oo,ooo.
Expenditure Boost Expected.
Expenditures are expected to increase
over the original estimates by s437,-
5000. This Is the net difference be-
tween many items Of increase and de-
crease. The principal increases, In part
due TO subsequent legislation, include
added benefits to veterans, $135, 900 900,
speeding up of public works to aid un-
employment, $3.50, ,000, 900; Federal Farm
Board revolving loan fund, $50, ,000, 900;
interest on the public debt, $24, 4,000, 900;
postal deficit, S81 zoo, 900, and settle
ments under the war claims act, $37,-
00o, 600. There are many other indi-
vidual items of increase over the ex-
penditrres estimated & year ago which
would materially swell the total of In
creases. Rigid reduction of expenses
elsewhere, supplemented by decreases in
public debt expenditures on account of
than were originally estimated serve to
offset the total increases. These changes
In receipts and expenditures indicate a
deficit of s2.125 900 900, which includes
statutory debt retirement or a probable
net debt increase of sl,711 ,00o, 600
For the fiscal year ended June 80,
1881, the actual receipts fell short of
those estimated year ago by s516,-
100000. The principal elements in this
falling of were internal revenue and
customs receipts, which together account
for s5o6, 100000. The actual expendi-
tures exceeded those estimated for the
year by 1907 10000 and may be at
tributed 10 the special legislation call
ing for emergency drought relief and
increased public works to relieve unem-
ployment, coupled with the advance
payment OF $4,000, 900 to the adjusted
service certificate fund, offset in part by
reductions and economies In other direc-
tions. The net result was a deficit of
1902 900, 600, which included SAC, ,o0o,-
900 for statutory debt retirement, or
net increase in the debt of s462 900 900.
plus additional cash in the Treasury of
sl53, 600, or a total debt increase of
$6l5 5,000, 900.