THE BUDGET for fiscal 1960 has now been decided. It will be a balanced budget. Revenues and expenditures will be in the general area of $77 billion.
The Budget will provide higher expenditures than ever before in time of peace for national defense. Some of our domestic non-defense programs will also continue at record high levels. Other domestic programs will be held at varying levels consistent with the public interest.
Reductions in total spending will be achieved in part by reason of the ending of temporary programs in agriculture, unemployment insurance, and housing.
The Budget will request increased receipts from higher postage rates and gasoline taxes, and some new user charges for Government services, but will not call for general tax increases.
The details of the revenue and expenditure estimates will be contained in the Budget Message and the budget document, which will be released soon after the middle of January.
A balanced budget will be an important and welcome assurance to the people of the country and the world that our Government is determined to live within its means, thereby doing its part to prevent inflation, to encourage economic expansion, and to fulfill American responsibilities of world leadership.