General DEPOSITED BY THE UNITED STATES OF AMERICA JAN 13 42 TABLE OF CONTENTS Page I. BUDGET MESSAGE OF THE PRESIDENT. No. 4. Analysis of the public debt. No. 5. Contingent liabilities___. III. DETAILED COMPARATIVE STATEMENT OF RECEIPTS: Statement No. 1. Comparative statement of receipts. Narrative synopsis supporting revenue estimates. IV. DETAILED COMPARATIVE STATEMENT OF APPROPRIATIONS AND EXPENDITURES: Statement No. 2. Estimates, appropriations, and expenditures_ Narrative synopsis of appropriation estimates....... V. DETAILED COMPARATIVE STATEMENT OF RECEIPTS, AND APPROPRIATIONS AND EXPENDITURES: Statement No. 3A. Receipts (trust accounts, etc.)__ Statement No. 3B. Appropriations and expenditures (trust accounts, etc.). tures for 1941 on the basis of the classification appearing in the daily Treasury statement.. No. 2. Permanent appropriations included in Statement No. 2---- BUDGET MESSAGE OF THE PRESIDENT To the Congress of the United States: I am submitting herewith the Budget of the United States for the fiscal year ending June 30, 1943. It is the budget of a nation at war in a world at war. In practical terms the Budget meets the challenge of the Axis powers. We must provide the funds to man and equip our fighting forces. We must provide the funds for the organization of our resources. We must provide the funds to continue our role as the Arsenal of Democracy. Powerful enemies must be outfought and outproduced. Victory depends on the courage, skill, and devotion of the men in the American, British, Russian, Chinese, and Dutch forces, and of the others who join hands with us in the fight for freedom. But victory also depends upon efforts behind the lines-in the mines, in the shops, on the farms. We cannot outfight our enemies unless, at the same time, we outproduce our enemies. It is not enough to turn out just a few more planes, a few more tanks, a few more guns, a few more ships, than can be turned out by our enemies. We must outproduce them overwhelmingly, so that there can be no question of our ability to provide a crushing superiority of equipment in any theater of the world war. And we shall succeed. A system of free enterprise is more effective than an "order" of concentration camps. The struggle for liberty first made us a Nation. The vitality, strength, and adaptability of a social order built on freedom and individual responsibility will again triumph. THE WAR PROGRAM Our present war program was preceded by a defense effort which began as we emerged from the long depression. During the past 18 months we laid the foundation for a huge armament program. At the same time industry provided ample consumers' goods for a rapidly growing number of workers. Hundreds of thousands of new homes. were constructed; the production of consumers' durable goods broke all records. The industrial plant and equipment of the country were overhauled and expanded. Adjustment to a war program can now be made with greater speed and less hardship. The country is better stocked with durable goods. Our factories are better equipped to carry the new production load. The larger national income facilitates financing the war effort. There are still unused resources for agricultural and industrial production. These must be drawn into the national effort. Shortages, however, have developed in skilled labor, raw materials, machines, and shipping. Under the expanding war program, more and more productive capacity must be shifted from peacetime to wartime. work. Last year fiscal policy was used to shift the economy into high gear. Today it is an instrument for transforming our peace economy into a war economy. This transformation must be completed with minimum friction and maximum speed. The fiscal measures which I outline in this message are essential elements in the Nation's war program. WAR APPROPRIATIONS This is a war budget. The details of a war program are, of course' in constant flux. Its magnitude and composition depend on events at the battlefronts of the world, on naval engagements at sea, and on new developments in mechanized warfare. Moreover, war plans are military secrets. Under these circumstances I cannot hereafter present details of future war appropriations. However, total appropriations and expenditures will be published so that the public may know the fiscal situation and the progress of the Nation's effort. The defense program, including appropriations, contract authorizations, recommendations, and commitments of Government corporations, was 29 billion dollars on January 3, 1941. During the last 12 months 46 billion dollars have been added to the program. Of this total of 75 billion dollars there remains 24 billion dollars for future obligation. In this Budget I make an initial request for a war appropriation of 13.6 billion dollars for the fiscal year 1943. Large supplemental requests will be made as we move toward the maximum use of productive capacity. Nothing short of a maximum will suffice. I cannot predict ultimate costs because I cannot predict the changing fortunes of war. I can only say that we are determined to pay whatever price we must to preserve our way of life. |