. Annual report of the Secretary of the Treasury on the state of the finances for the year .. . ents 1960 Budget Message estimates a balanced budgetfor the fiscal year 1960. Net budget receipts are estimated at $ and expenditures are estimated at $ bUlion. For the fiscalyear 1959 net budget receipts are estimated at $ billion and ex-penditures at $ billion. Budget receipts in 1958 declined because of the recession in businessactivity. The business downturn began and ended in the fiscal year1958. However, because tax collections lag behind the accrual oftax liabilities, e
. Annual report of the Secretary of the Treasury on the state of the finances for the year .. . ents 1960 Budget Message estimates a balanced budgetfor the fiscal year 1960. Net budget receipts are estimated at $ and expenditures are estimated at $ bUlion. For the fiscalyear 1959 net budget receipts are estimated at $ billion and ex-penditures at $ billion. Budget receipts in 1958 declined because of the recession in businessactivity. The business downturn began and ended in the fiscal year1958. However, because tax collections lag behind the accrual oftax liabilities, especially in the corporate tax area, the impact of therecession was only partially reflected in 1958 revenues. Receiptsfrom all principal tax sources, individual and corporate income taxesand excise taxes, declined in 1958, but the extent of the decline waslessened by the lag in collections. The balance of the revenue im-pact of the recession will be reflected in receipts for fiscal year 1959, 5 6 195 8 REPORT OF THE SECRETARY OF THE TREASURY ClIAllT 2. THE BUDGET $Bil. 80 ^Deficit. which will fall below fiscal year 1958 receipts, principally because ofthe large drop in corporation income taxes. The fiscal year 1960 willbe the first year in which receipts will be relatively unaffected by thedeclines in incomes which occurred during the 1957-58 recession. Expenditures were somewhat higher in 1958 because of antirecessionmeasures; procurement was speeded up and programs to aid economicrecovery were initiated. Partly because of these programs and parthbecause of certain large nonrecurring expenditures, budget expendi-tures are estimated to rise substantially in 1959. However, a declineis anticipated for 1960. Since receipts in 1959 are estimated to be lower than in 1958 andexpenditures to be higher, the budget deficit in 1959 is estimated tobe $ billion as compared with the deficit of $ billion in Treasurys cash balance is expected to decUne in 1959 from t
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Keywords: ., bookcentu, bookdecade1870, booksubjectfinancepublic, bookyear1876
