Imperial Valley press., 1942-01-07

Taxes are to be raised to increase
treasury revenues by so per cent
in the l943 fiscal year which begins
this July |.
During that IL months period. Mr.
Roosevelt proposed in his budget
message presented to congress to-
day to spend approximately $59,-
000,O0O,000, to collect S27 900 900 900
in taxes and to raise the national
debt to $l10, 400 900. OF the budgeted
expenditures, $50 ,000,000,000 would
be for war in that one year. That
includes $500, 100000 for lend-leaae
aid to the united nations.
Non-war expenditures were budg-
eted at more than $5,000,0 100000
S437 100000 less than this year.
OTHER EXPENSES
In addition to the $4,000 100000
budgeted for war, government cor
porations will spend n-budgeted
SO 900, 100000 in the next fiscal year,
bringing the overall 1943 war cost
to $56,OOO, 100000.
For the 1943 fiscal year, he esti-
mated a treasury deficit of S35, $780,
100000 which is only $500 100000
less than the net cost to us of World
war computed before war veterans
payments and interest were added.
OF the S27,OOO, 900, 900 aggregate tax
revenue proposed for the 1943 fiscal
year, approximately $4,000, 900 900
represents social security tax in
come which is not computed as an
item toward reduction of the esti-
mated deficit.
BIGGEST IN HISTORY
There is nothing III any fiscal his
tory to which the 1943 United States
budget readily is comparable. Mr..
Roosevelt reminded neWspapermen
at yesterdays annual White House
seminar that it was the biggest
budget in the history of any nation
at any time. He said it confronted
the nation with the biggest produc-
ton job in all history.
A hint of the size of the budget
may be gained by considering the
Sl,75O0OO,00O which the treasury
will pay in the next fiscal year as
interest on the national debt and
comparing that sum with the $734,-
coo ,O00-mere millionS-Which Suf-
ficed to pay all government expens-
eS in the fiscal year i0l6.
Organizing to spend the money
this budget will raise will be a
tremendous JOB in itself. Mr.. RooSe'
velt estimates that expenditures may
reach Sc 100000 a month-Sl,-
000,000,000 or more a Week-neXt
year as against about $4,000, 900, 900 a
month at present.
Mr.. Roosevelt has cut monde
fense spending Tor The next fiscal
year, but the overall reduction leaves
the total for other than war pur-
poses at S6,l41 ,000,000 The overall
cut amounted to S437,464,0 900.
WHERE CUTS HIT
The cuts we're made in work re-
lief, public works, various aids TO
Youth and for agriculture. Farm
relief still may cost around $780,
100000 in the next fiscal year, al.
though that is a reduction of $685.
100000 below current spending lev
els
Proposed appropriations for free
food stamps were trimmed by $685.
100000 to $132 100000, a cut evi-
IDENTIFY imposed by the budget bur-
eau largely on its own authority
Mr.. Roosevelt remarked that Some-
one other than himsei1 would have
to defend that particular cut be-
fore congress.
He said his whole budget was
based on the assumption of only
a moderate rise in prices but that
congress must act quickly With
price control legislation if that as
sumption is to be borne out.
He attributed fundamental fiscal
difficulties during and after the
last war to price control failures. es-
pecially the boom III cotton, wheat.
Continued on Pare 3, Column 8