Annual report of the Secretary of the Treasury on the state of the finances for the year .. . $289. 1 Incorporates estimated budget revenues of $ billion and estimated expenditures of $ billion. 2 From July 1, 19G0, to June 30, 1961, the statutory debt limit is $293 billion. Thereafter it will revert to$285 billion. Because the actual operating balance on June 30,1961, is expected to be considerably larger than $ billionthe pubUc debt subject to limitation will
Annual report of the Secretary of the Treasury on the state of the finances for the year .. . $289. 1 Incorporates estimated budget revenues of $ billion and estimated expenditures of $ billion. 2 From July 1, 19G0, to June 30, 1961, the statutory debt limit is $293 billion. Thereafter it will revert to$285 billion. Because the actual operating balance on June 30,1961, is expected to be considerably larger than $ billionthe pubUc debt subject to limitation will be about $289 billion on that date. Table -Actual cash balance and public debt outstanding July 1960—May 1961[In billions of dollars] 1960 July 15 July 31 August 15 August 31 - September 15 September 30 --- October 15 October 31 November 15-- - - November 30 December 15 December 31 1961 January 15 January 31 February 15 - February 28 --. March 15 -. March 31 -- April 15 April 30 - -- -- May 15 -. May 31 Operating bal-ance. FederalReserve Banks and deposi-taries (excludingfree gold). Public debtsubject tolimitation $288. Note.—From July 1, 1960, to June 30, 1961, the statutory debt limit is $293 billion,revert to $285 billion. Thereafter it will EXHIBITS 303 Taxation Developments Exhibit 12.—Message from the President, April 20, 1961, relative to the Federal tax system [House Document No. 140, 87th Congress, 1st sess. To the Congress of the United States: A strong and sound Federal tax sjstem is essential to Americas future. Withoutsuch a system, we cannot maintain our defenses and give leadership to the freeworld. Without such a system, we cannot render the public services necessary forenriching the lives of our people and furthering the growth of our economy. The tax system must be adequate to meet our public needs. It must meetthem fairly, calling on each of
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