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Show BUDGET MESSAGE ASKSHEDUGTIDN CONGRESS MEETS AND ACTS ON BUDGET AS FRESENTED BY PRESIDENT Chief Exe;utive Pleads For Slashes in Campaign to Keep Down Cost of Running Government Washington, President Coolidsre, in his annual budget messasre, laid before congress forecast $373,743,714 treasury surplus at the end of the next fiscal year and urged a program of drastic governmental economy to permit another cut in federal taxes. "I am for economy," the president declared. "If vre continue the campaign cam-paign for economy e will pave the way for further reduction in taxes." Mr. Coolidge, however, proposed that consideration of further tax reduction re-duction legislation be deierred until the effect of the present revenue law has become more apparent. The budget of governmental expenditures ex-penditures for the fiscal year ending June 30, 1926, transmitted by the president, totaled S3.267.551.37S, a decrease de-crease of $266,532,430 beiw estimates of the current fiscal year. Receipts were estimated at $3,641,295,092, an increase of $39,326,795, which, with the S67.SS4.4S9 surplus estimated at the end of the current fiscal year, would bring the unusually large surplus sur-plus foreseen by Mr. Coolidge nineteen nine-teen months hence. "For those things which we are now required to do we are fast reducing re-ducing our expenditures ot a minimum mini-mum consistent with efficient service," serv-ice," said the president. "We have before us an estimated surplus of $67,000,000 for the current fiscal year and $373,000,000 for the fiscal year." Mr. Coolidge pointed out that the actual treasury surplus at the end of the last fiscal year was $175,727,-000 $175,727,-000 higher than treasury officials had estimated and he advanced the hope that future surpluses might exceed even the estimates he was presenting to congress. "The confidence of the chief executive execu-tive and the congres-s that our revenues rev-enues could be safely reduced ha been fully justified," said the president. presi-dent. "The fiscal year, when ended. June 30, 1924, was closed with a surplus sur-plus of receipts over expenditures of 555,366,000. "We have now completed five months cf the current fiscal year which ends June 30, 1925. This affords af-fords an index of the probable re- i duction in our revenues under the I current tax law. It also affords an j index of the limits within which our j expenditures can be kept under th? ! continuing policy of economy. A re- ! vision of the estimate of receipts and j expenditures' for the fiscal year end- ; ing June SO, 1925, indicates today that the receipts will be S3.601.9CS.197 i and the expenditures $3,534,033,803. j "This forcssts a surplus of receipts i over expenditures for the current fiscal fis-cal year of S67,S34,4S9. This esti- ; mate is most significant. On the one j hand, we anticipate receiving this ear $400,000,000 iess revenue than we had last year, due principally to the reduction in taxes. On the other hand, we must provide- $114,000,000 for the extraordinary increase in expenditures ex-penditures made necessary by the World war adjusted compensation act. Yet we are confident that the year will be cloned with a surplus of more Ihzn $67,000,000. Our aim should be not only to conserve this prospective surplus, but to add to it." |