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The most radical economic feature of the New Deal took the longest to arrive. In 1929 the federal government operated with a budget surplus of $734 million. By 1932 the government operated with a deficit of $2.7 billion, due to increased outlays and a nearly 50 percent decline in tax receipts. During the 1932 election Roosevelt had promised to balance the budget after the election, a position he shared with his opponent. It was a bipartisan article of economic faith that governments, like households and businesses, had to operate in the black. Originally the New Deal was committed to this end. In May 1933, for example, the Roosevelt administration disbursed $500 million in unemployment relief— precisely the amount the government had saved by cutting federal salaries and reducing payments to veterans with the passage of the Economy Act. In 1936 Congress had to override a Roosevelt veto to pass a veterans' bonus...
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This section contains 293 words (approx. 1 page at 300 words per page) |
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