. Annual report of the Secretary of the Treasury on the state of the finances for the year .. . ends to be more easily managed at times when the Government is taking in morethan it is spending. As a result of the budget surpluses during the past two years,the public debt has been reduced from $2S1 billion in December 1955, to $275billion in December 1957. As you know, however, the present budget outlook does not allow for furtherdebt reduction in the year ahead, other than the usual seasonal downswing underthe impact of heavy tax collections this spring, which will be followed by a seasonalinc
. Annual report of the Secretary of the Treasury on the state of the finances for the year .. . ends to be more easily managed at times when the Government is taking in morethan it is spending. As a result of the budget surpluses during the past two years,the public debt has been reduced from $2S1 billion in December 1955, to $275billion in December 1957. As you know, however, the present budget outlook does not allow for furtherdebt reduction in the year ahead, other than the usual seasonal downswing underthe impact of heavy tax collections this spring, which will be followed by a seasonalincrease in the debt again next fall. Even with a balanced budget, the Treasuryhas substantial amovmtsof cash financing to do during the July-December periodeach year in anticipation of heavy tax payments in the January-June period. Theseasonal swings in Treasury receipts are being moderated somewhat from year toyear as a result of corporations paying their taxes more currently as provided forin the Revenue Code of 1954, but substantial seasonal movements still occur. Chakt I THE PUBLIC DEBT ,. As chart I indicates, there have been only two periods since the end of WorldWar II in which sizable debt reduction ovit of budget surplus has been realized—a reduction of $8 billion in 1947, 194S, and early 1949; and a reduction of $6billion during the last two years. We fully expect, of course, that further debt EXHIBITS 271 reduction will be possible as we move beyond the period of time covered by thepresent budget, always keeping in mind that important as it is, the goal ofdebtreduction should not interfere with whatever steps are necessary to assure thesecurity of our country. One of the Treasurys major responsibilities in the field of debt management isto work toward a better structure of the debt within the overall total wheneverconditions permit. Chart J shows the structure of the debt as of December Chart J STRUCTURE OF THE PUBLIC DEBT DEC. 31,1957 $Bil. Total Marketable
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