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Show Groundwork Laid To Balance Federal Budget Administration analysts say the groundwork has been laid for a balanced v federal budget. That should mean that further tax cuts are in the offing if the international internation-al situation quiets down. So far, new spending authorized by Congress for this fiscal year is said to be less than the income the government expects to collect. New spending so far authorized totals $03,200,000,000. while receipts re-ceipts are expected to be $GS,300, 000,000. Actual spending, of course, de-Advertisement pends largely upon the defense budget. Already the Administration has reduced Federal employment to 2,447.200 by cutting 88.000 off the payroll. More than 18,000 were dismissed dis-missed during July, and some expect ex-pect subsequent layoffs to be even more numerous. Observers say the heads cf Federal Fed-eral departments are taking ser- ' iously the President's order to curtail cur-tail all unnecessary spending. The effect of that order will be reflected reflect-ed in actual expenditures for the remainder of this year and in budget bud-get estimates for next year. However, more cuts in spending must be effected before the b;:d?-et actually can be balanced. After that, the rate of government spending will determine the amount of tax reduction. |