Magazine content is available exclusively for TIME subscribers.GOVERNMENT: How Big a Deficit?
How big will the U.S. deficit be this fiscal year? Secretary of the Treasury John Snyder, whose estimates have missed the mark in the past, has been predicting a deficit of $7.5 billion. Last week the Department of Commerce estimated that it would be a mere $4 billion. Reason: a rise in personal incomes and consumption should bring in more income and excise taxes than the Treasury estimates, while the lag in defense spending should cut U.S. Government expenditures.
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