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University Daily Kansan Wednesday, Nov. 14, 1962
Record Deficit In U.S. Budget
WASHINGTON — (UPI) - The nation's budget is showing the second highest peacetime deficit on record, according to the Budget Bureau.
Total sales of goods and services will amount to $554 billion in 1962, instead of the $567 billion predicted, the report said. It estimated revenues at a record $85.9 billion, $7.1 billion less than the January forecast. Spending was projected at $93.7 billion, a peacetime high, up $1.2 billion from January.
The Bureau said yesterday the budget is running $7.8 billion in the red. It said the Cuban crisis will cost about $100 million, providing it doesn't get worse.
The 1963 deficit thus appeared to be the result primarily of the relatively slow pace of economic expansion and its effect on tax collections.
The biggest change was a drop in tax collections, which stemmed largely from the failure of the economy to expand at the pace the administration had forecast.
THE BUREAU'S report was a comparison of how the budget looks now and what President Kennedy proposed in January when he sent Congress the budget. At that time the President projected a narrow surplus of $463 million.
IN FISCAL 1962, revenues came to $81.4 billion and spending totaled $87.7 billion.
The Bureau indicated the President feels the deficit is not bad considering the economy's "existing level of unemployment and plant capacity." The Bureau said the economic slack means the deficit "is neither inflationary nor dangerous to our balance of payments position" and in keeping with "generally accepted fiscal requirements."
IF THE economy was close to its potential, there would be a revenue surplus of $2 billion this year, the Bureau said. Administration economists estimate the economy could produce $30 billion to $35 billion more goods and services than it is now turning out.
Budget planning is well under way for fiscal 1964, which will begin next July 1. There is a good chance that it will also be a deficit year, especially if Congress passes the general tax cut Kennedy has promised to propose retroactive to Jan. 1, 1963.
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J School Gets Endowment
Burton W. Marvin, dean of the William Allen White School of Journalism and Public Information, today announced the establishment of the $20,000 Theodore C. Alford Endowment Fund.
The new fund is the largest ever awarded to aid KU journalism students.
Yearly scholarship income from the fund, which is part of a bequest of the late KU alumnus and chief of the Washington, D.C., bureau of the Kansas City Star, will be approximately $800 and will be awarded for the first time for the 1963-64 academic year.
A native of Lawrence, Alford was chief of the Washington bureau from 1928 until his death in 1947. He was a 1907 KU graduate, who attended the first journalism classes at KU, and was a 1944 KU Alumni Distinguished Service Citee.
Alford's will provided the $20,000
fund be established at KU after Mrs. Alford's death, which occurred in April 1962. Specific requirements for the recipient or recipients will be determined by the faculty of the School of Journalism.
Alford succeeded Roy A. Roberts, president of the Kansas City Star, as chief of the Star's Washington bureau. Alford previously covered the Missouri legislature and did political reporting in Kansas City. He covered all the presidential nominating conventions over a 25 year period.
Alford's mother was Susan Savage Alford, one of the first 55 students to enroll when the University opened classes in 1866. Also a journalist, she was the author of many newspaper and magazine articles about Quantrill's raid.
Alford received a law degree from the Kansas City School of Law in 1914.
NDFL Fellowships Available for '63-'64
The University will accept applications for National Defense Foreign Language Fellowships for 1963-64 for study in Russian and Spanish until January 10, Cyrus DeCoster, professor of Romance languages, said.
The fellowships pay $2,250 for a full academic year and $450 for summer study, plus allowances for dependents.
All applications should be sent to Prof. DeCoster. Applicants must prepare a detailed program of graduate study for the 1963-64 year.
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