The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1937-01-08

IL his estimates prove to be cor
rect the New Deal increase In the
national debt from July l, 1888,
would aggregate 412,487, 1927 ,440 -
the net excess Of expenditures over
revenue for that period.
The President estimates federal
revenue in the next fiscal year
would increase by 81 ATS, 446,378 be-
cause Of better bushes sand higher
taxes.
The President withheld from con-
gress estimates OF recovery and re-
lief needs In the 1888 fiscal year.
He reported there would be a treas
ury surplus OF 35,607, 943. But
that probably will be consumed In
recovery and relief appropriations
TO be requested later.
Recommendations
Mr.. Roosevelt did not propose new
taxes but he opposed the reduction
of any kind. He recommended:
!. Making the Civilian Conserva-
ton Corps permanent.
2. Continuance Of three-cent first
class postage.
3. Continuance OF so-called nui-
sance or manufacturers excise taxes
gasoline, lubricating oil. brewers
wort, matches, automobiles, etc.
total revenue $452, $50, 900.
A. Maintenance of current rates
on taxes which otherwise would be
reduced next June STAMP taxes ON
bonds, stock transfers, future deliv-
cry produce sales and admissions)
S. Subjecting to budget bureau
supervision expenditures OF all emer-
gency agencies continued In the next
fiscal year.
No Precise Estimates
Withholding precise estimates OF
1888 fiscal year recovery and reliei
needs from congress and the pubic
Mr.. Roosevelt expressed the hope
they would not exceed 1888, l54, 600.
Recovery and relief will cost $685.
l57, 1000 in the current fiscal year.
He said If business continued TO I'M
prove, II revenue met expectations,
and II recovery and relief needs re-
NAMED within the figure mentioned
there would be no net deficit IN the
1893 fiscal year bu merely technl-
cal gross deficit Of approximately
$40l SIS, 900 representing the sum
OF statutory debt retirement.
Improved Business
The budget message reported
greatly improved business.
1t forecast record breaking gov
eminent revenue OF 1928 ,607l 1871
OBJ in the next fiscal year and re-
duced federal expenditures com
pared with the current period. TINS
budget launched the nation on
battleship building program ana
asked for $40, O00, 900 10 begin build
ing two Of these war vessels, the first
such to be projected since the 1871
Washington arms conference. Ihey
will cost $50, ZOO, 900 each. The nud-
get raises peace time national de-
Tense estimates for purely military
purposes TO a new high, 1880, 1853, 900,
OF which the navy will get almost
5000, 900 900.
Subject 10 Conditions
The President conisders this 1898
budget TO be balanced In the nom
technical sense Of the term, sub
ject to the conditions he imposed
upon business, continued recovery
and congress. Technical balance
would require actual reduction OF
the public debt This he projects FOR
the fiscal year 1899.
Relief viii Go On
The budget message revealed that
Mr.. Roosevelt planned 70 curtail
sharply relief expenditures from the
1861 levels. But he found avail
able funds insufficient for the re-
mainder Of the current 1887 fiscal
year and asked congress TO appro-
pirate 100000 900 Immediately, Of
which $3.50, 900, 900 is TO be expend-
ed for recovery and relief between
February / and June 30 when the
1887 fiscal year ends. The aggre-
gate OF additional or deficiency APP
preparations for which need de-
veloped since the adjournment Of
congress last June and for which
Mr.. Roosevelt today asked immedi-
ate appropriation is approximately
500, 0O0, 900 OF which part Is destined
for the Civilian Conservation Corps.
Business conditions have shown
each year since l933," the message
said, "a marked Improvement over
the preceding year.
These gains make II possible TO
afaaa
expenditures Of the federal govern
ment which the general depression
mad necessary. Although we must
continue TO spend substantial sums
TO provide work for those whom
industry has not yet absorbed, the
1898 budget Is in balance. and, ex-
cept for debt reduction Of 140l ,6i6,-
900. It will remain In balances even
II later on there are included addi-