1947 $35, 860
1946 67,229
1945 100, 031
1940 9,252
Although allowances for occupation, demobilization, and defense are
drastically reduced in the fiscal year 1947, they will still amount to 42
percent of the total Budget. The so-called "aftermath of war" expenditures
account for a further 30 percent of the total. The total of all other
programs, which was drastically cut during the war, is increasing again as
liquidation of the war program proceeds and renewed emphasis is placed on
the peacetime objectives of the Government.
On the other side of the ledger, net receipts are estimated at 31.5 billion
dollars. This estimate assumes that all existing taxes will continue all
through the fiscal year 1947. Included are the extraordinary receipts from
the disposal of surplus property.
As a result, estimated expenditures will exceed estimated receipts by 4.3
billion dollars. This amount can be provided by a reduction in the cash
balance in the Treasury. Thus, after a long period of increasing public
debt resulting from depression budgets and war budgets, it is anticipated
that no increase in the Federal debt will be required next year.