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Show Interest on Debt Takes Huge Share Of U.S. Income ajeaasassaasaaasBM Mora Than 19 Cants Out of Every Dollar Coot to Pay Chargus on Ftd-ral Ftd-ral Loans By RATMOND CLAPPER (Copyright 1M. by United Press.) WASHINGTON, Jan. IS Interest on government debt 1 eating up a lion', share of tax money and I, causing caus-ing Increasing talk of possible ways to acalo down thi, load. Of every dollar spent by th government gov-ernment more than 10 cent goc to pay interest The government, like railroads, farm owners, business houses and individuals, in-dividuals, is bogged down by debt. Fiscal experts regard this a, an excessive ex-cessive load. It is growing each year. Interest charges this year will amount to toW.OUU.OOO: next yeer they will Jump to $725,000,000, according ac-cording to treasury forecasts. This is the lsrgest .inula Item in the budget now except veterans' relief. Cutting thi, charge down will be one ot the first problems confronting confront-ing the Roosevelt administration. Unofficial Un-official talk centers around plan, for offering new securities at tower interest in-terest rates as substitutes for government gov-ernment bonds now out Patriotic appeal, would have to be made to encourage the public voluntarily to accept a reduction In interest returns. re-turns. It Is estimated that probably half of the government bonds are held by banks and other large institutions. The other halt is believed to be in the hsnds ot (mail individual holders. hold-ers. Great Britain recently converted It debt to a lower rat at a saving ot millions of dollara a year. The problem la a delicate one and Washington's Wash-ington's cautious discussion now is entirely speculative, A few figure explain the story behind be-hind th sharp rise in the federal income taxes which the average perron per-ron will begin struggling to pay by March 15. Federal expense reached a new high post-war level last year. So did the government deficit Key figures: 1831 Expenditures. St,21t,t00,000; receipts. 13.1CT.3O0.000. 1932 Expenditures. 15,008,000,000; receipts. S2.12I.OOO.OOO. 1933 Expenditure, (estimated), 13.T71.000.0O0; receipt t estimated), 12 620.OO0.O0a Deficits: 1831 g S01.700.00O. 1932 S2.BH5.000.000. 1933 41.151.000.000 (estimated). The total debt of the United Statra now stand, at more than S20.OO0.OO0,-000. S20.OO0.OO0,-000. It is an inconceivable sum. One of the best ways to visualize It Is to consider it the equivalent of S20 for each minute since the birth of Christ It is twice the amount of the war debts. The cost of carrying thi, debt Is one of tha obstacle to large-scale economic. Out ot every S100 paid out by the government SI9 20 goes toward paying Interest. 14.15 goes toward reducing the debt. S27.60 goes toward pensions, etc. S1S.53 goc toward national defense. de-fense. The remaining 123 31 cover all other operating expense of the federal fed-eral government Receipt, declined 47J per cent between be-tween 19.1a and 1931 Expenses increased in-creased 19 per cent in 1933 over the previous year. Since 1929 they have i increased M per cent . |