The Waterbury Democrat., 1934-01-04
Budget Sent
 To Congress To-day
(Continued from Page 1)

of the recovery program in brief Is a deficit of upwards of $7,0OO,- 000,00O in this fiscal year and an increase of about $2,000, 100000 in the debt in the next fiscal year. The budget balancing program thereafter carried the administra- ton into the fiscal years 1935-36, which will end on June 30, of the latter year. Four months later will take place the next presidential election.
 It is remarked about the White House with considerable satisfac- ton that comparison of the last Hoover budget with this first of the Roosevelt administration shows general expenses of the gov ernment have been cut $684,913,- 167 below general federal expenses in the last year of MT Hoover's re- gime. This is exclusive of recov- cry expenditures.
 MT Roosevelt Is not awed by the need to borrow $10,00O,000,000 in the next six months. Of this sum, $6,000,0OO,000 will be new money and $4,0O0.000,000 will be to res tire maturing government obliga- tions. The President is confident the governments credit is sound and will remain so despite the staggering nature of the recovery bill.
 Magnitude of Figures The magnitude of the figures which, in the budget message, tell the story of emergency expend1. lures by the administration Is all most beyond comprehension and explanation makes the sums even more distant from understanding Some idea may be had from the fact that if a spending spree had been begun at the dawn of the Christian Era and continued at the rate of $1 a minute to the present day, the total outlay would be about $1,000,000,000.
 At the rate of $10 a minute 1 would be possible in 1884 years to spend approximately the $10,569,- OO6,9e7 which MT Roosevelt in' formed congress today would Dc the outlay of the federal govern ment in the fiscal year ending June 30.
 Expenditures for the fiscal year 1934-35 are estimated at $5,960,' 798,7O0 - An aggregate of $16,- 529,S05,667 for the two fiscal per. iods. Offset against this. at least potentially, is $5,461,969.273 repre-. senting the book value of collateral held as security for loans advanced by the government. Against the 7,3Os,06S,211 deficit for this fis. cal year is held loan collatera valued at S3,558.616,189.
 Rid for Confidence
 After stating tho $31,000,0O0,0ot debt to be accumulated by June 30. 1885, the President made his bid 10 be accumulated by June 30 1g35. the President made his DIG for public confidence as follows: "it is my belief that so far ai we can mako estimates without present knowledge, the govern. ment should seek to hold the total debt within this amount"
 "Furthermore, the governmen' durlng Ina balance of this calendar year should plan to bring It's 193s expendltures, including recovers and relief, within the revenues ex' pected in the fiscal year tsS0. w should plan to have detinitsly bassnced budget fer the tnird yenl of recovery and from thnt tlme gf sock q continuing reduction or the
 Tho only indication Of the man. neF In which the pfesldent lntennI Co find el0,D0O ,OO0, COG in tho neNl slx months in in hls 0wn language that Eve shall have 70 borrow That Apparently excludes Tor thli ppefeilon either ihp iHsue ef treas