Newspapers / The New Bern Mirror … / Jan. 22, 1971, edition 1 / Page 5
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Friday, January 22, 1971 THE NEW BERN MIRROR. NEW BERN, N. C. Page -Five When the Federal Government overspends its budget and relies on new borrowings, the American taxpayer suffers, even though many “on the banks of the Potomac” believe that the less said about this matter the better. Yet, when one gets at the root of our present-day inflation HAVE YOU LOST YOUR APPETITE? . . . Youll find it at The Parkway Sc«lt SS TILE AND FLOOR COVERING L C. scon, JR. PIANOS TRY BEFORE YOU BUY $10.00 a Month Renta a New Wurtitzer Piano. Rant Appliat to Puithato If You Buy. FULLER'S MUSIC HOUSE 2I6V2 Middle Street New Bern, N. C. and high interest costs, he finds that the Federal Government and its fiscal policies are largely to blame. Again this year, according to the latest prediction of the Congressional Joint Committee on Reduction of Federal Expenditures, the Government will run another deficit, and the Committee estimates it at $15.6 billion. Moreover, the Treasury advises that interest on the national debt now runs at more than $21 billion annually. This is the second largest item in the Federal budget. These figures indicate the magnitude of a problem that I think requires the attention of the 92nd Congress as it convenes today. At the last session, I cosponsored the Fannin Amendment to the Constitution which proposes that the President and the Congress comply with a new Constitutional mandate to achieve a balanced budget. In brief, if this Amendment became a part of the Constitution, the Federal Government would be required to balance its budgets over a 2- year period, except that during a war or other national emergency the President could submit a budget requesting deficit spending and this would have to be approved by a two- thirds vote in each House. Presently, the Constitution only requires money bills to be approved by a majority of both Houses of Congress and the President. The effect of such an Amendment would be to require our Government to make prudent use of its credit, and if it operated at a deficit one year it would have to cut back spending or raise taxes to pay off the previous year’s deficit and balance the new budget. Thus Congress would be required to see that Federal programs were funded by current revenues or it would have to pass tax legislation to provide funds to pay for these programs over a 2-year period. The Federal Government would have to operate on a pay-as-you- go basis as is the practice in a Car stereo tape system • Panasonic advanced design • Easy operation • Automatic channel changer • Inter changeable tape cartridges • Rich stereo sound • Per fect vertical head movement system • Push-button channel changer • Illuminated input indicator • Vari able tone-and balance control. LAFAYETTE’ RADIO SLCCTRONICS ASSOCIAU SlORt 1013 George SI., New Hem Tel. 638-58S7 owned and operated by W. L. Sailer Authorized Panasonic Servicenter majority of the states. One may honestly ask why it is necessary to enact an Amendment to the Constitution to require Congress and the President to act as fiscally responsible individuals should. The truth of the matter is there is an overriding tendency among men in public office at the Washington level to conform their actions to what they believe to be the demands of the public. Unfortunately, however, the demands they hear are not ordinarily the demands from our soundest thinking people, or, indeed, the demands of a majority of our people, but, on the contrary, are the demands of highly organized pressure groups seeking money from the public treasury. Big spending in Washington has become a way of life, and deficit spending an integral part of it. Consider the fact that the national debt was $1.4 billion at the turn of the 20th Century, and only $55.3 billion in 1941. Even at the end of World War II, the national debt only reached a peak of $269.9 billion, and it was then expected to diminish in the post-war era. Actually, that hope never became a reality. Since June 1946 when the debt ceiling stood at $275 billion. FAVORITE ... Pat Cleave- land, a mermaid at Florida’s Weekl Wachee, was voted Tan gerine Queen at USO installa tions in Viet Nam. She dis plays a basket of the famous Florida product. Congress has approved some 22 “temporary” and “permanent” debt limit increases. The latest increase came last summer when the “temporary” debt limit was raised to $395 billion. The Fannin Amendment, which I hope Senator Fannin will reintroduce at this session of the Congress, seems to be to be meritorious on two grounds; it would be a deterrent to deficit spending and it would focus national attention on how we are financing the Federal Government. Reliable service when you need it most is as close as your telephone. TONY'S DRUG STORE 1114 Queen St. Dial ME 7-4060 We Buy and Sell Used Furniture and Appliances BEN CANADY FURNITURE CO. 320 First St. Dial 638-1004 Support Your City & County Law Enforcement Officers Every girl wants to look her prettiest on the night of thot big dance. Choose your formal with care and the bright petals adorning you won't be worn by a wall flower. May we help you? /¥m§te- S704 NKUSC OLVO. NCW OKRN. N. C.
The New Bern Mirror (New Bern, N.C.)
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Jan. 22, 1971, edition 1
5
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