The Waterbury Democrat., 1935-01-07
Budget Message

Ou08GG IshCo6NeS
 Washington, Jan., -lUp-- annual budget message asked Con- ton of S4,00O,000,000 to substitute third year of recovery.
 Mir. Roosevelt estimated expen- diturese at $8,520,000,000 and re- ported he could not balance the budget as he had hoped to do in the 1938 fiscal year beginning July 1.
 The $4,o00,00O represents the cost in the 1928 fiscal year of putting to work 3,500,000 persons now on the dole.
 There was no recommendation for incerased taxes. Expiring nui- sance levies are to continue. MT. Rooseve t said relief appro- priations for the current fiscal year would be exhausted early next month. He asked Congress to transfer $000. 100000 for unob- ligated emergency appropriations to pay for relief until useful work financed by the government ab- sorbs the dole horde.
 The gross deficit in the 1886 fis- cal year will approximate $4,b28,- 100000 of which $636,000,000 will represent debt retirement. Admin istration spokesmen assured ques- tioners this budget was not a step toward currency imitation. The president estimated that 100000 since March 1883.
 The message estimated that the national debt would increase from approximately $31,000,000,000 on July 1, 1885, to a record high of $34,239,000,000 on June 30, 1936, the end of the next fiscal year. MT. Roosevelt said the bugdet he presented today was in balance except for expenditures to create work for the jobless. He asked Congress to give him unqualified authority to allocate the $4,00O,- 100000 recovery and relief appro- priation.
 The trend of net recovery and | relief expenditures Is downward for the next fiscal year compared with the one which will end June 30, 1885 and regular federal ex- penses are increasing.
 MT Roosevelt foresees over all expenditure of $8,520, ,00O in the next fiscal year, slightly more than half of 1t for recovery and relief. The administration is con- vinced this rising rate of expen- ditures does not in any way re- quire currency imitation. Profits on gold seizure-$2,811,- 000,000--have not been tapped 70 far for regular or emergency ex- penditure. That hoard Is regarded as q comfortable backlog of ready l cash for use in unforeseen and unprecedented emergency. Treas ury statements indicate, however, that some profits from the minting of silver have been spent. For national. defense MT. Roose- ve t proposes Approximately $lO6,- | 100000 Is carryover from the present fiscal year. The remainder is new money' for the defense of the nation.
 Regular expenditures In the fis- cal year 1894 aggregated $2,482,- OO0,000; in 1885 $2,748,OO0,O ,OOO based on estimates for the remain- ing months, and in 1936 $3,3O2,- O00.0O0. Recovery and relief ex- penditures: 1884, $3,93O, OOO, DO !; 1885, $4,671, ,00O, ,0O0; and i936, $4,O12,0O0,000. Total expenditures exclusive of debt retirement: 1884, $o,392.000,000; 1885, $7,419, ,0OO,- 900; and 1886, $7,314,00O,00O. Net Deficit Of Nation t0nidre dre9eguwfieqsrp!r
 The net deficit: 1884, S3,02s,- 100000: 1895, $4,29s,O0O,000; 10S0 $3,S92,000,OOO
 MT. Roosevelt's financial plan for the fiscal year 1898 showed that recovery and relief costs in the present fiscal year include a charge of $199,00,0O0 for agricu . tural adjustment administration payments to farmers.
 For the next fiscal year Mir. Roosevelt estimates that AAA tax es will exceed expenditures by $9s 100000 and this sum has been credited against prospective re- covery and relief expenditures, re- ducing that sum from $4.110,0 ,000,- 900.
 The upward trend in regular expenditures was explained by Mir, Roosevelt as arising from trans fer from emergency to regular expenditures various items inc ud- ing S50,000,Q00 for IVA which will be an annual charge for some years. q S200,000,0 ,0O0 ex- penditure for public works and
 highways and the normal costs
 of rivers and harbors improve ment.
 The record discloses ii years oi deficits in the past 23 years be. ginning with the fiscal year 1914. In the fiscal year 1914 and 1915 the treasury went in the red an aggregate of ses,oO0,ooo. The war