The President's News Conference

SINKING FUND OF THE PUBLIC DEBT

THE PRESIDENT. I have one question and one answer today. It relates to the sinking fund of the public debt. The administration is opposed to any encroachment of the statutory provisions for the retirement of the public debt. The sinking fund now amounts to something over $430 million a year, and in addition to that we have hitherto allocated surpluses, foreign debt payments, and other sums of money, which have brought it up usually to somewhere near a billion. And of course, these other sums outside the statutory provisions are available to help us through this year, whatever they amount to, but in general, we believe it is very unsound finance to encroach on the statutory provisions. They are to remain untouched.

That is the answer to the only question. Unless you are willing to provide me with more material I cannot furnish you more answers.