January 18, 1962
JFK SUBMITS BALANCED BUDGET TO CONGRESS
Washington, D.C. (JFK+50) President John F. Kennedy submitted his 1st complete budget to the Congress of the United States today for fiscal year 1963 (July 1, 1962 – July 1, 1963).*
*In 1976, the date of the fiscal year was changed to Oct 1.
The President’s estimated Federal expenditures total $92,500,000,000 which represents a $3.5 billion increase over fiscal year 1962.**
**JFK had to ask Congress for more than originally projected due to unanticipated military expenses in Berlin & Southeast Asia.
Expenditures include defense, international affairs & finance, space research & technology, agriculture, natural resources, housing development, health, labor & welfare, education, veterans benefits & general government.***
***JFK said in his State of the Union address in January 1963:
“If we are to prevail….we must expand the long-run strength of our economy (with) a higher rate of growth & full employment.
To achieve this it is essential to enact a substantial reduction…in…income taxes to increase the purchasing power of American families & business…”
Facts About the Federal Budget
The Budget & Accounting Act of 1921 created the Bureau of the Budget within the Treasury Department.
Charles G. Dawes was the 1st director of the bureau under President Harding.
President Coolidge was the 1st chief executive to have the power to shape the Federal budget.
The Budget Act requires the House of Representatives to give final approval of all spending bills by June 30 (Oct 1 since 1976).
The President may sign or veto ANY or ALL of the appropriation bills.
The budget, balanced or not, is the combined responsibility of both the EXECUTIVE & LEGISLATIVE branches.
Today the Bureau of the Budget is called The Office of Management & Budget.
The current director is Jacob L. Lew
Jacob L. Lew
A Balanced Budget
President Dwight D. Eisenhower presided over a balanced Federal budget in both 1956 & 1957.
Other Presidents to preside over balanced budgets were Lyndon B. Johnson in 1969**** & Bill Clinton*****(1998-2001).
President Obama submitted a $3.8 trillion budget to Congress in February 2010 for the fiscal year 2011.
This budget pushed the deficit up $2 billion (from $1.4 trillion to $1.6 trillion).
****Fiscal year 1969 included part of President Nixon’s term.
*****The Congress was composed of a Republican majority.