. Annual report of the Secretary of the Treasury on the state of the finances for the year ... d the net budget surplus amounted to $ billion, in sharp con-trast with the $ billion deficit in the previous year. The addedfunds in the cash balance as a result of the years operations providedthe basis for initiating a debt reduction program in the fiscal year 1961,as proposed by the President in his January 1960 budget message. Of the $ billion total increase in debt during fiscal 1960, interest-bearing issues accounted for $ billion and noninterest-bearing debtfor $ billion. Ther
. Annual report of the Secretary of the Treasury on the state of the finances for the year ... d the net budget surplus amounted to $ billion, in sharp con-trast with the $ billion deficit in the previous year. The addedfunds in the cash balance as a result of the years operations providedthe basis for initiating a debt reduction program in the fiscal year 1961,as proposed by the President in his January 1960 budget message. Of the $ billion total increase in debt during fiscal 1960, interest-bearing issues accounted for $ billion and noninterest-bearing debtfor $ billion. There was also a slight increase in guaranteed obhga-tions, primarily Federal Housing Administration debentures. Therise in public issues reflected an increase of $ billion in marketablesecurities ofi^set in large part by a decline of $ billion in public non-marketable issues. Marketable issues have in fact been an increasingproportion of the interest-bearing public debt since 1952. On June 30, 26 I9 60 REPORT OF THE SECRETARY OF THE TREASURY Chart 3 THE PUBLIC debt World WarHPeak -* 280. 1286/, $Bil. 300 200 100 1916 19 •46 49 Apr. 30 60 June 30 1 Including public debt and guaranteed obligations. 2 Excluding Victory Loan proceeds used to repay debt in 1946. 1960, marketable issues constituted 77 percent of the interest-bearingpublic issues and nonmarketable, 23 percent, as compared with 64percent and 36 percent, respectively, on June 30, 1952. A summary of changes in the debt during the year is shown in theaccompanying table. CUianges in the level of the debt since 1916 areillustrated in chart 3. Class of debt June 30,1959 June 30,1960 Increase, ordecrease (—) In billions of dollars Public debt: Interest-bearing:Public issues: Marketable _. _ Total public issues .. Special issues to Government investment accounts .1 Total interest-bearing public debt — .5 .4 (*) .2 Total public debt 28
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Keywords: ., bookcentu, bookdecade1870, booksubjectfinancepublic, bookyear1876
