Salt Lake Telegram | 1934-06-30 | Page 2 | U. S. Expenses Exceed Income

S. S 4 U. U EXPENSES EXCEED INCOME I Federal Government Spends Spend 1 Four Billions More Moro Than Collected WASHINGTON June 30 P Th IP-Th 5 The government winding up its fu fiscal j year today found it had spent abo about t more than it collected That's counting emergency ex- ex Balancing receipts against ordinary expenditures the government govern govern- to ment was declared to be in the black for the year Treasury officials scanned the in in- i picture for an indication ot of what the new year would mean to the coffers cotters President Roosevelt has estimated I nearly would be added to the national debt by emergency expenses during the next 12 months This was predicted on recovery ry that tha would make industrial production average 93 per cent of the 1923 25 level In July 1935 the president ho hoto hopes to start the payoff for the recovery t program By that time tirrie he has said laid the budget should be balanced According to the federal reserva boards board's index the industrial production tion figure i ure for tor the YC year lr just ended Vas was slightly above the 81 per cent average on which the president based his hopes In May it rose to 87 Last July it went to for awhile boost boost- cd ed by speculative business activity The last figures available fortune 27 show the national debt was was 27 as compared with 22 22 1 the corresponding day last year 5