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Show co;;gresstold - i;oiii;(ei;eeded FOR DEBT LlmlT Roosevelt Recommends Boost for Bond Restriction WASHINGTON, March' 20 (UP) President Roosevelt informed in-formed congress today that there is no present necessty for legislation to increase the legal limitation of $45,000,000,-000 $45,000,000,-000 on the total public debt, but recommended increase of the present $30,000,000,000 limitation lim-itation on outstanding govern-. govern-. ment bonds. The president transmitted a letter from Secretary of Treasury Henry Morgenthau Jr, informing him that th current balance of tha treasury Indicate no Immediate necessity for advancing th celling oa th maximum maxi-mum publia debt. Th publle debt 1 -approaching - 140,000,000,000. Tha treasury statement state-ment today showed that tha debt n March IT waa S3S,MS,M,124. Attack Keadled Tha special message, confirming previous absuranc from Morgen-ahau Morgen-ahau that no increase in tha debt maximum will be necessary imras-distsly, imras-distsly, waa asnt to congress where Republicans and conservative Democrats, Dem-ocrats, united in an "economy rebellion," re-bellion," had been preparing to open an attack on administration fiscal policies if an lncreass in tha debt limit had been requested. "I recommended that tha - congress con-gress take such action aa may be necessary to give tha treasury the authority to carry out its financing operations during tha next fiscal year aa may ba for tha best interest of th government in line with market mar-ket conditions at tha time of such financing," tha president said. Action Feealbl Th recommendation would enable en-able tha treasury to shift short-term short-term not sto longer term government govern-ment bonds, by advancing tha legal limit of bonds which may ba outstanding out-standing at one time without changing chang-ing the limit of tha total debt The presidential assurances that no advance in the S4S.000.000.000 debt limit will be asked followed Mr. Roosevelt's turning tha red stoplight on business appeasement plana which would take a 1240.000.-000 1240.000.-000 chance that reduced tax rates would Increase actual treasury revenue. reve-nue. Mr. Roosevelt haa taken the poeiUon that any tax revisions must ssrry positive prevision for increase in-crease in levies to offset potential tosses. Tax Revision First A program of tax revision on the theory that diminaUon of "deterrent" "deter-rent" levies would, improve business busi-ness and result In increased reve- nue was understood to bs ths first choice of both the National Association Associa-tion of Manufacturers and the Unitad Unit-ad State chamber of commerce. Business spokesman argued that removal of "business deterrents" from th tax structure would ea-courag ea-courag private Initiative, increase business turnover and give the treasury mora income at th new, lower rata than is obtained under existing schedules. |