davidaulloa/AmericanStories huggingface dataset:
Evening star., 1955-01-17


Foll0sDii0 & q partial teri
of President Eise1lls0suef's gen.
eral discussion 0f the GocerIt-
mems fiscal situation as con-
tained III his budget message
to Congress-
10 the Congress Of the
United States:
I am transmitting to you
today the budget Of the United
States Government for the
fiscal year 1856, which begins
July !, 1855.
The fiscal and budget story
during the past year centers
aroand the fact that We sue
cessfully made the adjustment
from . wartime to g peace
time type Of economy. . truly
significant achievement. Aided
BY i proper fiscal policy. the
inevitable dislocations Of this
adjustment, while difhcuit for
some, have not been serious
on the whole. Our present
growing prosperity has solid
foundations, free from the
artificial stimulations Of war
or imitation. However. the
peace Id which we i've Is an
insecure peace. We must Be
constantlyson the alert Along
with the other free nations Of
the world we must continue TO
strengthen our defenses. At
the same time TO remain
strong for what viii appar-
emily be i long period Of ln-
certainty ahead, we must also
progressively increase our pros-
perity and enhance our well
fare.
The 1856 budget is based on
this outlook. Total expendi-
lures win be reduced. How
ever / am recommending
somewhat increased expendi-
lures in particular areas inn
portant to human we'll being.
Budget expenditures for the
fiscal year 1866 are now esti-
mated at GA billion dollars,
IL billion dollars less than for
the current year, All parts Of
the administration viii con-
tinue to work toward further
reductions during the year by
eliminating nonessentials and
by doing necessary things more
eff1ciently.
We must maintain expendi-
lures at the high level needed
to guard our national security. !.
Our economy is strong and
prosperous but we should
not dissipate our economic
strength through infiationary
deficits. ! have therefore rec
commended to the CONGRESS-
extension for one year Of pres-
ent excise and corporate i'm
come tax rates which are
scheduled for reduction on
April /, 1855. under present
law. II this is done, and em-
ployment and production IN
crease as currently anticipated,
we can expect budget receipts
to rise 81 billion over 1855. to
a total Of $50 billion in the
fiscal year 1856.
On the basis Of these ESTE
mates Of expenditures and re-
ceipts, the deficit will be re-
duced from the presently esti-
Evening star., 1955-01-17
Veterans

For q wide variety Of services
and benefits to veterans, the
President estimated 1856 fiscal
year expenditures will rise to
$4.6 billions per cent over
1855 and 9 per cent over 1854.
He attributed the rising cost Of
veterans benefits to three main
factors: a. increasing numbers
Of veterans; t2) the fact that
large numbers Of the 8 million
world war / veterans are reach
ing SIS and so qualifying for pen-
sions, and 90 the recently In
creased scope and liberaiity Of
benefits.
These facts require sober con-
sideration," Mr., Eisenhower de-
clared. He emphasized Govern
ment responsibility for generous
assistance to those having .spe-
cial needs arising from war
service. But he said it should
be borne in mind that Govern
ment programs to support social
Evening star., 1955-01-17
Debt Limit Increase
Above SITS Billion
To Be Asked Again

Congress win be asked to in,
crease the debt limit again, cer-
tainly above the $275 billion
statutory restriction and perhaps
beyond the temporary" $28l
billion ceiling set by the legis-
lators last August, President
Eisenhower revealed in his budget
message today.
Secretary Of the Treasury
Humphrey. in supplementary
comment, explained that the ad-
ministration has a good chance
of reducing the national debt to
$215 billion BY the end OF the
current fiscal year June 80. But
he, added that I'VE don't know
how long we can keep It down"
after that.
Authorization to Expire.
The Presidents message re-
ported that the public debt stood
ct $278.3 billion on December 81.
It forecast that the debt will
be $274.3 billion on June 30 this
year, and $276 billion at the end
of the 1856 fiscal year. Because
OF wide swings in the receipts
and expenditures it added that
the figure will be considerably
greater at some periods during
each fiscal year.
The message recalled that
Congress last August authorized
an increase from SITS billion to
$28l billion, with q provision
that the statutory limit would
revert to $275 billion on June 30.
No Alternative.
The seasonal fall-off In tax
collections viii mean that the
Governments expenses will ex-
ceed its receipts Ia the first half
OF the new fiscal year by about
Ss billion, the President esti-
mated. Thus. he said, the Gov
ernment couldn't pay its bills
during that period without bor-
rowing above the s275 billion
debt limit.
.Therefore,1 he said. Il have
no alternative but to ask the
Congress to again increase the
debt limit"
Evening star., 1955-01-17
President Urges Congress
To Avoid Tox Cuts Until 1856

dent pledged that tax reduction
remains q firm goaln Of his adj
ministration. To reach that goal,
he declared. the administration
VIII strive to trim governmental
spending without hurting essen-
tial services or national security.
It confidently expects increased
revenues during the coming rs
cal year because Of improved
economic and employment con-
ditions, he said.
IL hope that tax reductions
will be justified next year, Mr..
Eisenhower stated. IF so. ! shall
recommend q reduction in taxes
to spread the relief fairly among
all taxpayers IN way which
win be the most effective to re
iieVe Individual tax burdens and
to Increase incentive and in
vestment. "
Wonld Delay Until 1857.
Secretary Humphrey cau-
toned, however. that even II the
administration next January
proposed some tax reductions IT,
might add q provision that they
be delayed until the calendar
year 1857.
Mr.. Humphrey produced Treas
ury estimates of revenue from
various types Of taxes during the
present fiscal period and the year
beginning next July l.
These forecast $32.5 billion in
individual income tax returns
for the 1856 fiscal year as COM
pared with S30.7 billion for the
current fiscal year and $32.A BILL
lion for the year that ended last
June so.
Excise tax returns, according
to estimates, would fall to SIT
billion next year as compared
with $18.5 billion this year and
$2l.5 billion last year.
Miscellaneous tax returns
would bring In $4.3 billion next
year. as against 81 billion this
year and S4.2 billion last year.
The estimated totals, after
various refunds, would be $50
billion next year, as compared.
with $50 billion this year and
$64.7 billion last year.
Mr.. Humphrey maintained
| that the estimates, while 'op-
timistic," were realistic and
were based on the current trend
/ In individual earnings, corporate
profits and the national economy
! in general.
! The Secretary announced that
Treasury experts are pushing
studies To determine whether the
massive tax revision enacted BY
Congress last year needs chang
ing, either to remove inequities
or ito prevent anyone from
avoiding his fair share Of the tax
burden"
Evening star., 1955-01-17
Debt Policy Keyed
10 Business Activity

Debt management policy
during the past year was keyed
to Federal Reserve monetary
policy to help assure the ready
availability Of money and
credit needed to sustain a high
level Of business activity. The
Treasury refrained under the
special circumstances of 1864
from issuing long-term securt-
ties which would compete for
long-term money available for
the construction Of new homes,
for business expansion. or for
new schools. highways, and
hospitals at the State and
local government level. At the
same time. progress was made
in improving the structure Of
Evening star., 1955-01-17
Farm

Gross expenditures In the cate
CORY Of Agriculture and Agri-
cultural Resources" were esti-
mated at SIS billion. Partly on
setting this are estimated re-
ceipts Of $5.4 billion. consisting
mainly Of collections on loans
and sales Of commodities. This
leaves net budget expenditures
estimated at $2.3 billion for the
1856 fiscal year, q drop Of $871
million from the current year.
The President said the reduc-
ton is due primarily to ''antici-
pated smaller outlays for farm
price supports resulting from
acreage restrictions and in
creased sales
He estimated gross price sup
port expenditures for the 1856
fiscal year Of $4.2 billion. Sis
billion less than this year. with
receipts from commodity sales
and loan collections reducing the
net 1856 outlay for this purpose
to $s6a million.
Evening star., 1955-01-17
Rx Robert K. Walsh

President Eisenhower urged
Congress today to hold the line
on taxes at this time. but he
offered hope Of reducing rates
in the fiscal year starting July
/, 1856.
The President insisted In his
budget message that in view Of
the prospective deficit Of $4.5
billion next june so and $2.4
billion the year following, the
Government must keep our ex-
isting revenues intact"
It can do this. he said, only
by avoiding tax cuts and con-
tinulng for another year the cor
poration and excise tax rates
otherwise scheduled to drop
April 1.
Secretary Of the Treasury
Humphrey assured reporters
meanwhile that thsi policy Of
holding on to what we have
does not mean any taxes should
be raised Il implies. rather. that
the administration stands q far
better chance Of proposing in
come and other tax reduction
some time next year, he said.
Wants Tax Cuts Cancelled.
Mr.. Humphrey conceded-and
the President said as much In
his message-that tax reduction
was put ahead Of a balanced
budget last year. Mr.. Eisenhower,
noting total tax reductions of
approximately $7.4 billion last
year, declared that the budget
would have been balanced by
next July except for those cuts,
| Far from regretting the re-
ductions. he defended them as
having enabled the people !. to
have the extra money to spend
for themselves
But the situation now, thu
President told Congress. does moi
permit q further loss Of revenue
through reductions in taxes. HI
therefore renewed his state-of.
the Union message recommended
tion that Congress cancel cut,
which otherwise would take plac.
April under statutes enacted
by a Democratic-co controlled Con.
gress several years ago.
Those cuts would reduce thi
corporate income tax from 50 I,
Al per cent. with a revenue los
Of about So billion q year. The!
also would lower excise taxes OF
liquor, tobacco, gasoline and au,
tomobiles. for i revenue loss b
81 billion.
/ Going beyond the January
message. Mr.. Eisenhower warnet
that failure to extend existing
tax rates would result either Il
linfiationary borrowing by thl
Treasury or inadequate spending
for national defense.
| At the same time, the Presi,
Evening star., 1955-01-17
SIS Millions More
Urged to Improve
Federal Statistics

The statistic s-loaded
budget for fiscal 1856 issued
today calls for an extra $5
million to provide more and
better statistics.
The Presidents budget
message says that the Ma
tion's "basic system of sta
tistical intelligence" should
be improved and strength
ened in order to meet the
needs Of business. agricul-
ture, labor and government"
He asks that 1922 million
be made available for statis-
tical work. compared with
s27.4 million appropriated
I for the current fiscal year:
Evening star., 1955-01-17
Nation Cannot Afford
Tax Cuts This Year

Last year we mace greAb
progress ID reducing tax bur-
dens and improving the tax
structure. Total tax reductions
Of $7.4 billion became effective.
This was the largest tax re-
duction in any single year IN
the countrys history. It was
made possible only by large
cuts In Government expendi-
lures. The basic tax law was
revised to relieve hardships for
millions of individuals and to
reduce tax barriers to economic
growth.
In view Of the prospective
deficit, we cannot afford to
have any further loss of
revenue this year through re-
auctions In taxes. The cor
porate tax rate would be auto-
matically reduced under exist
ing legislation from 50 to ~
per cent on April ] with q
revenue loss Of about 81 bill
lion for q full year unless ex-
tended. Under existing law, the !
excise taxes on liquor, tobacco
gasoline. and automobiles
would also be maticalE
reduced on April |. with q
revenue loss of 81 billion pl-
less appropriate legislation Is
enacted by the Congress- ex-
tending them.
In the fiscal year 1856, there
viii be an automatic revenue
reduction las compared with
1850 Of almost 81 billion under
existing law. wholly apart from
any changes in. tax rates. The
principal reason is the scoril-
pletion Of the plan adopted
I'VE years ago under which
payments Of corporate taxes
have been moved forward into
earlier fiscal years. Fortu-
nately, this reduction in 1866
viii be more than offset by
increases In revenue due to
the economic growth of the
country.
Because we must keep our
existing revenues intact, /
have already recommended TO
the Congress In my state-of-
the-Unicn message that exist
ing rates on both exciSes and
corporate incomes be extended
for one year. Any other course
Of action would result In either
"a inadequate expenditures
: for national security. or CD
infiationary borrowing.
The present tax take OF
nearly one-fourth Of our Ma
tional income is q serious OBJ
stacle to the long-tern1 dy-
manic growth Of the economy
which Is so necessary for the
future. There must be the
means for providing more and
better jobs not only for those
who are working today but
also for the millions Of young
people who will come Of work
ing age In future years, The
stimulus Of further tax reduce
tions is necessary Just as soon
as they can properly be made.
I hope that tax reductions
win be SO justified next year.
II 30, I shall recommend q re-
duction In taxes to spread the
relief fairly among all tax
payers in q way which win be
the most effective to relieve in
dividual tax burdens and to In
crease incentive for effort and
investment.
Evening star., 1955-01-17
Ho!u!sing

the President. reporting that
the present $500 million in con-
tract authority for capital grants
under the siurn clearance pro-
gram win be committed before
June so, recommended legisla-
ton to provide an additional
500 million In such authority for
the 1855 fiscal year and $500
million for each of the two sub
seuuent fiscal years.
With total private investment
in homes underwritten BY the
FHA estimated TO amount to
s8.3 billion IN the 1855 fiscal
year. the President said approxi-
mately IS billion In additional
insurance authority win be re-
CURED
Evening star., 1955-01-17

ports and mortgage purchases
account for part Of the changes
in total benefit expenditures
between the iiscal years 1858
and 1856.
The expenditures for pro-
lection, which account for
two-thirds Of total expendi-
lures, include continental de-
tense ct home and mutual de-
fense abfbad. The total
amount in the fiscai year 1856
consists Of the $40.5 billion for
major national security pro-
grams and 81 billion for eco
nomic and technical assistance
under the mutual security
program. In addition. many
items OF smaller size scattered
through other parts Of the
budget. not included in this
category. are related in yary-
ing degrees to protection. Ex-
amples are the, Coast Guard
and the selectiv6 Service sys-
tenn
Evening star., 1955-01-17

security grouping. are estimated
at SAT- billion. Mr.. Eisenhower
said this amount included pro-
visions for d new program in
Asia. not yet spelled out.
The Foreign Operations ADJ
ministration headed by Harold
Stasseni which now administers
the foreign aid program. Is due
to 60 out Of existence June 80.
Mr.. Eisenhower said he soon
will submit recommendations
for arrangements to carry on the
program. It is expected to be di-
vided between the Defense and
State Departments.
Evening star., 1955-01-17

security. health, and other hui
manitarian programs aare all Of
value to veterans as VII as to
other people"
He suggested. In particular.
constructive reconsideration" Of
veterans pension laws In the
light of nearly universal social
security coverage now.
Evening star., 1955-01-17
Message Forecasts
Advance in Revenue
And Dip in Expenses
tcontinued IRON FIRST pageo

tOVAAtktSecA = 4Ag-at &AAot AeS.<
. conservative approach to the
use Of their money" Mr.. Eisen-
! hover boasted that his expendi-
ture estimates for the coming
fiscal year are s1i.9 billion be-
low Government spending in the
1858 fiscal year.
He promised continued effort
] to cut expenses further, but en-
phasized that future savings win
be more difIicuIt because they
: must come largely from finding
better ways Of doing the things
that must be done IN view Of
the necessary high spending for
national security IN time of an
Insecure peace
Mr. EisenhoWer's message esti-
mated expenditures during the
current fiscal year ending next
June 80 will amount to $63.5
/. billion--sone 81 billion below the
estimate he made q year ago IN
submitting the 1856 budget. But
then he estimated revenues ct
$62.7 billion to make q deficit
of only $40 billion. Now. he
estimates revenue for the cur
rent fiscal year at only $50 bill
lion, leaving q prospective defi-
cit Of S4.5 billion next June 80.
The Presidents hopes OF COM
! ing out at the end Of the 1856
fiscal year with q deficit OF only
S2.4 billion depend again on ex-
/. pected high receipts based on
what the Treasury calls "rea-
sonably optimistic. estimates OF
rising national income TO pro-
duce more tax revenue.
Sees Rising Income.
His revenue estimates figure
that Individual Americans VIII
earn enough more money during
I the IL months starting next july
! / to pay $l.8 billion more N IN
4 come taxes than during the cur
rent fiscal year without any In
crease in the tax rate.
Treasury experts said this fig-
ure is based on estimates that m
diyidual income viii rise DURING
the 1855 calendar year to $298.s
billion, as compared to an es-
tirnated $2S6.6 billion in 1853
and continue going up ct 9
rate Of about 4 per cent in 1855
They also expect corporation
profits to rise from $50 billion
last year to $38.5 billion this year
Obligational Requests.
Apart from his expenditure es-
Inmates, the President asked Con-
rress to approve appropriations
and other new authority to IN,
cur obligations in the 1855 tisca
year amounting to $58.6 million
sThis figure Is SIS billion more
than that for the current year
! but $40 billion less than In TIN
1854 fiscal year and $2l.7 billioi
! less than in fiscal 1858.
only $37.9 billion Of the esti'
mated $62.4 billion expenditures
In the 1855 fiscal year will come
from new appropriations and
other obligatiopal authority
asked In the Presidents message
today. Some $25 billion vii
come out Of balances Of authori.
cations approved by Congress II
prior years. Appropriation bal,
ances carried forward at the enc
OF the year will amount to more
than $40 billion.
Some portions Of the Presi'
dents budget message Of majol
interest, such as those dealing
with defense. taxes. the natiora
debt and the District Of Colum'
bia, are described In detail II
separate stories appearing else
where in this edition Of The Star
Other subjects given more thai
4 routine treatment In the messag'
- -. = / f. Z ! =
Evening star., 1955-01-17
Peocetin,e Atom

Providing for greater expendi-
lures than ever before on projects
to develop peaceful applications
Of atomic energy" Atomic En-
ergy Commission expenditures
for the new fiscal year are es-
timated at 81 billion, $50 million
less than in the current year.
Operating expenses will reach q
record high Of SIS billion, while
capital spending will drop as
new plants near completion.
1T is our purpose the Pres
ident declared. ito Danish the
threat Of atomic warfare which
now confronts the world" He re-
ported progress toward establish
ing an international agency for
cooperation In developing the
peaceful uses Of atomic energy.
But until we can be sure Russia
won't use atomic power for wal. !.
he asserted. we must continue
STRENGTHENING "the power Of our
nuclear weapons stockpile.
Mr.. Eisenhower said 1t Is ex-
pected that industry will finance
an increasingly larger share OF
the total national effort In de-
veloping atomic power reactor
technology. He added. however
that to speed progress. the Acc
win expand its program to de-
velop industrial power reactors,
Construction Of several ex-
perimental reactors viii be
started in 1855 and 1856. "of
these" he said, zone of the most
significant is a power breeder,
designed to produce more fission-
able material than 1t consumes,
Nearly SIS million is included in
the budget for this project.
The President also recon-
mended that the Acc be au-
thorized to build q new medical
research center containing q
nuclear reactor designed specifl-
cally for medical research and
| therapy.
Evening star., 1955-01-17
1856 US. Budget Summary

The following table President Esenhowes budget
with estimates fiscal ending next
June 90 and nal figures year ended June 80 1854 Gin mil
lions dolarSl:
Evening star., 1955-01-17
How the Agencies Fare

The following table shows IN millions Of dollars how tne
Federal the respective agencies OF the Gov
nent Grand totals would be higher than net
budget other tables The net totals are aneceo py
the deduction Of certain applicable receipts from Government
operations.
Evening star., 1955-01-17

natural resource development,
designed to increase sharing by
State and local governments as
well as private industry in long,
range projects.
a sharp drop In Tennessee
Valley Authority gross expendi-
lures, to $3.50 million from $43l
million. was estimated. Receipts
from power sales were figured
at $248 million. leaving net
budget spending at only 50 mil
lion.
Evening star., 1955-01-17

grown significantly because Of
Federal operations.
The Farmville herald and farmer-leader. (Farmville, Va.) 1934-1957, 1955-08-26
VIM. Tandy Holman
Retired Farmer, "
Of Cumberland, Dies

Willie Tandy Holman. 70. re-
tired Cumberland county farmer.
died early Wednesday. August "a.
at Southside Community Hospital
He was born in Cumberland
county July |, 1888. the son of the
late William Tandy aud Annie
Branch Holman He was a mem
Der Of Browns Presbyterian
Church
He is survived by d daughter
and four sons Mrs Susie l..
CrOwder, Of FarmVilIe. Tandy
Thomas Holman. Of Richmond.
Frank r. Holman and Bonnie r.
Holman. of Farmville and Willie
II. Holman. OF Buckingham. four
sister, Mrs. w G. LeStourPeon,
Miss Bonnie Holman. Mrs. Katie
Blanton and Mrs. w r. Stimp-
son, Sr., all Of Farmyyle, and
four grandchildren.
Funeral services will be held to-
day Friday at the residence at
3 p m. with the Rev r. P. Look
officiating Interment. will be in
the family plot in Cumberland
county
The Farmville herald and farmer-leader. (Farmville, Va.) 1934-1957, 1955-08-26
Mattoax

Mrs Keith Addington. Of MIL
"aket. WIS, has been spend ing
some time with her parents Dr
and Mrs. II c Rucker.
Mr. and Mrs Earl Gunter and
children, OF Atlanta. Ga. have
been spending several weeks with
Mr. Gunter's mother Mrs Ern-
press Gunter They have now
moved 10 Richmond
Mr.. and Mrs. j, M. Deeds and
children. OF Durham. N c.. spent
the week end with Esther and AL
ma Wilmington. Little Miss Leigh
Leeds VIII spend a week or two
with Nancy Saunders before re-
turning home
Miss Tamra Ckary OF High
Point, N C. has returned after
spending week in the home OF
Mrs. r. F. Saunders and visiting
other cousins In the community
Rev r Lee King. who has been
pastor OF the Piedmont and Union
held OF churches. preached his last
sermon on August IA. and will en-
ter the Southeastern Baptls, The
illogical Seminary this coming