Message of the President of the United States.. Statement of expenditures and receipts, postal revenue, fiscal year 1923, compared with prior years. Detail statement of expenditures from postal revenues, fiscal year 1923, compared with prior years. the actual condition was reached at the end of the fiscal year 1921, June 30, 1921..... for expenditure during fiscal year 1922, as of November 1, 1921.... Consolidated current balance sheet, at close of business June 30, 1921. Consolidated statement of operations, fiscal year 1921..... Current balance sheet, general fund, at close of business June 30, 1921.. General fund, statement of operations, fiscal year 1921.... Current balance sheet, public debt (loan funds), at close of business June 30, 1921.. Public debt (loan fund), statement of operations, fiscal year 1921..... Statement of public debt of the United States outstanding at close of business June 30, 1921.... Proposed public debt issues and redemptions, fiscal year 1923, compared with prior years. Estimates of appropriations, fiscal year 1923, compared with appropriations fiscal year 1922: TO THE CONGRESS OF THE UNITED STATES: I submit herewith the budget of the United States for the fiscal year ending June 30, 1923. It will be noted that the estimated ordinary expenditures for 1922 show a reduction of $1,513,537,682.20, compared with the actual ordinary expenditures for 1921; and that the estimated ordinary expenditures for 1923 show a reduction of $447,704,239 under 1922, making the estimated ordinary expenditures under the budget for 1923, $1,961,241,921.20 less than the actual ordinary expenditures for 1921. Including transactions in the principal of the public debt and investment of trust funds, the total estimated expenditures for 1922 show a reduction under the total actual expenditures for 1921 of $1,570,118,323.30, and the total estimated expenditures for 1923 show a reduction of $462,167,639 under the total estimated expenditures for 1922, making a reduction in total expenditures in the estimated budget for 1923, as compared with the total actual expenditures for 1921, of $2,032,285,962.30. It will also be noted that the total estimated receipts for 1922 are in approximate balance with the total estimated expenditures, including reduction in the principal of the public debt, and that the total estimated receipts for 1923 are within approximately $150,000,000 of a balance with the total estimated expenditures of that year. Such a discrepancy is unavoidable, when authorizations of expenditure are being enacted during the process of budget closing, but ways are provided for relatively easy adjustment without added taxation. For the purpose of providing a portion of the funds necessary to balance the budget for 1923, in which the estimated expenditures exceed the estimated receipts by the sum of approximately $150,000,000, I recommend the following legislation in connection with the naval appropriation bill for 1923, which would result in the eventual automatic release of $100,000,000 now held in the naval supply account of the Navy Department: "Hereafter, until the naval supply account shall have been reduced to a maximum sum of $150,000,000, which shall not thereafter be exceeded, one-half of all reimbursements otherwise due to the naval supply account, whether from current issues or from sales, shall be covered into the Treasury as miscellaneous receipts, and only one-half shall be credited to the naval supply account." With continued pressure for economy in all departments and the passage of such legislation, the balancing of total receipts and total expenditures for the fiscal years 1922 and 1923 should be accomplished. I also transmit herewith the report of the Director of the Bureau of the Budget on the budget of the United States and the operations of the Bureau of the Budget. The details of the budget are shown in the accompanying statements, and may be briefly summarized as follows: Excess of expenditures. MESSAGE. Total receipts. Total expenditures, including reduction in principal of public debt. THE WHITE HOUSE, Budget Summary. [Exclusive of postal revenues and postal expenditures paid from postal revenues.] December 5, 1921. |