...apparently is contemplated by Congress, we note that the President in nis budget message states that "Expenditures must never be allowed to outrun the...system would produce at reasonably full employment. * * *." The President is already projecting expenditures at this full employment level of revenues....

...the economic situation permits—even calls for—a budget deficit. There is one basic guideline to the budget, however, which we should never violate:...system would produce at reasonably full employment. Now, with minor qualifications, that is a prescription for fiscal policy that I think makes very good...

...apparently is contemplated by Congress, we note that the President in his budget message states that "Expenditures must never be allowed to outrun the...system would produce at reasonably full employment. * * *." The President is already projecting expenditures at th'is full employment level of revenues....

...the Federal Government should necessarily adhere to a strict pattern of a balanced budget every year. At times the economic situation permits — even calls...— a budget deficit. There is one basic guideline to the budget, however, which we should never violate : Except in emergency conditions, expenditures...

...hudget policy that guided the formulation of the 1972 budget. In a message to the Congress he stated : "At times the economic situation permits — even...conditions, expenditures must never be allowed to outrun the revenue that the tax system would produce at reasonably full employment. When the Federal Government's...

...the formulation of the 1972 budget. In a. message to the Congress he stated: "At times the econoiic situation permits — even calls for — a budget...conditions, expenditures must never be allowed to outrun the revenue that the tax system would produce at reasonably full employment. When the Federal government's...

...1972 budget. In a message to the Congress he stated: "At times the economic situation permits—even calls for — a budget d'eficit. There is one basic...conditions, expenditures must never be allowed to outrun the revenue that the tax system would produce at reasonably full employment. When the Federal government's...

...budget policy that guided the formulation of the l972 budget. In a message to the Congress he stated: "At times the economic situation permits — even...one basic guideline for the budget, however, which wa should never violate: except in emergency conditions, expenditures must never be allowed to outrun...

...presidential statements. In July 1970, President Nixon set forth the budget policy of his administration : At times the economic situation permits — even calls...higher, increased tax rates or inflation inevitably follow.1 The following January, the President declared that "the 1972 budget has a historic identity...

...of this argument appeared several years ago when President Nixon suggested that expenditures should never be allowed to outrun the revenues that the tax system would generate at reasonably full employment.2 (More recent studies of our long-term capital needs have suggested...