The Budget for 1961: Secretary of the Treasury; Director, Bureau of the Budget: Hearings Before the Committee on Appropriations, House of Representatives, Eighty-sixth Congress, Second SessionReviews President's Budget proposal for FY61. |
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$12 billion agencies agricultural Alaska Statehood Act amount appropriation bills banks bonds budget estimates budgetary Bureau calendar CANNON capital Chairman committee Cong CONGRESS THE LIBRARY contract authorization cost countries currencies debt receipts defense deficit DENTON Department Development Loan Fund Director dollars economic enacted excise taxes expend from debt expenditures Federal Aviation Agency Federal Government Federal Reserve Federal Reserve System fiscal year 1961 foreign currencies going gold grants GRESS Hawaii highway trust fund House increase Interest on loans interest rates item veto JENSEN June 30 Korean war legislation LIBRARY OF CONGRESS MAHON ment military mutual security national debt obligational authority operations otherwise classified payments percent period President President's proposed public debt recession recommended Recoveries reduce Repayment requested revenues ROONEY Sale SANTANGELO Secretary ANDERSON Seigniorage spending STANS statement submitted surplus TABER Tennessee Valley Authority THOMSON tion Total Treasury Veterans
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Page 128 - If there is no objection on the part of the committee, we will include that letter as a part of the record. (The letter follows:) EXECUTIVE OFFICE OF THE PRESIDENT, BtfBEAU OF THE BUDGET, Washington, DC, January 18, I960.
Page 36 - The Congress recognized the need for a better system of control over the foreign currencies. This led to the enactment of section 1415 of the Supplemental Appropriation Act of 1953, which provides that "foreign credits owed to or owned by the US Treasury will not be available for expenditure after June 30, 1953, except as may be provided for annually in appropriation acts.
Page 36 - Amounts not so used may be made available to sell to agencies to meet their regular program needs in accordance with section 1415. There is always a cost to the American taxpayer of specially authorized programs which tends to be hidden by extra budgetary authorizations. In the relatively few countries where currencies are available considerably in excess of regular program needs, the cost to the United States is no more than the value of the goods and services for which the currencies were obtained....
Page 41 - ... available for US uses, due to the uncertainties of agricultural production, both here and abroad, and the often unforeseeable results of sales negotiations. Therefore, it is not feasible to develop programs on the basis of a forecast of future sales agreements. The programs proposed, as shown in table 5, have been developed on the basis of the actual and anticipated proceeds of sales agreements signed or approved for negotiation through September 15, 1959. Generally, the early deposits under...
Page 25 - That after general debate, which shall be confined to the bill and shall continue not to exceed 2 hours to be equally divided and controlled by the chairman and the ranking minority member of the Committee on the Judiciary, the bill shall be read for amendment under the 5-minute rule.
Page 45 - ... starts which are believed to be of rather high priority and worthy of attention. The number of new starts is less than the level of the programs, so that even with the 42 new items, there will actually 'be a reduction during the year of the backlog of unfinished work. In other words, there will be more work done during the year than is represented by the total cost of $496 million on new starts proposed. It seems reasonable that we undertake these new starts and that, particularly in view of...
Page 32 - ... picture, covering all US-owned foreign currencies, for the fiscal years 1958-60, is presented below. The budgetary impact of Public Law 480 currencies must be viewed by the executive branch and the Congress within this broader framework. Need for -foreign currencies. — The US Government carries'on extensive activities abroad, involving almost every country in the world. In the normal course of these worldwide operations, it has need for and it acquires large amounts of currencies of many countries....
Page 12 - As will be noted, the entire increase of $1.4 billion in spending in this 1961 budget compared to the year 1960 is allotted to nondefense items. The national security total remains unchanged. For nondefense, this budget for 1961 proposes spending $13.3 billion, or 63 percent more than fiscal 1954, the first year of the present administration. Including the highway item, it's up $16.2 billion, an increase of 77 percent. On the other hand, defense spending for 1961 in this budget is $1.3 billion below...
Page 36 - ... an informal understanding about their use. Some of the currencies collected must therefore be husbanded and then allocated for these specially authorized programs. In many countries this results in a reduction in currencies that might otherwise have been available to sell to agencies to meet their regular local expenses. This in turn means the United States foregoes Treasury receipts, and in currency shortage countries has the same effect on the Treasury as spending dollars for these specially...