h and strength if we are to maintain adequate military pow

o chart a fiscal and ec

the budget, which means, among other things, re

huge costs of

burden of our inheritanc

he menace o

rliest possible reduct

ans to encourage the ini

k with a clean slate. Much already has been written on the record, beyond our power quickly to erase

ficit of 9.9 billion for the fiscal year ending June 30, 1954. The national debt is now more than 265 billion dollars. In addition, the accumulated obligational authority of the Federal

igations will be presented during the next 4 years. These bills, added t

budget indicates that--before the end of the fiscal year and at the peak of demand for payments during the year--the total Government debt may approa

ent: to meet and to correct th

epartment head and I are determined t

e achieved merely by exhortation. It demands the concerted action of all those in r

tures of all departments in an effort to find significant items that ma

interested groups of citizens restrain themselves in their demands upon the Congr

e dollar. This is one of the critical steps to be taken to bring an end to planned inflation. Our purpose

nging the budget under control. As the budget is balanced and inflation ch

hich expenditures can be reduced, it w

the least possible obstacle to the dynamic growth of the country. This includes particularly real opportunity for the growth of small businesses. Many readjustments in existing tax

spects, be treated in recommendations to the Congress in coming w

uld seriously upset the subtle equation that encompasses debts, obligations, expenditures, defense demands, deficits, taxes, and th

Department of the Treasury will undertake at suitable times a program of extending part of the deb

e inflation. Henceforth, I expect that their single purpose shall be to serve the whole Nation by policies d

eived more thoughtful consideration by my associates, and by the many individu

credit, deal not with the real causes of inflation but only with its symptoms. In times of national emergency, this kind of control has a role to play. Our whole system, however, is based upon the assum

roblems across the bargaining table. Government should refrain from sitting

mobilization, nor is it peace. No one can know how long this condition will persist. Consequently, w

nsatisfactory or unworkable. They have not prevented inflation; they have not kept down the cost of living. Dissatisfaction with them is wholly justified. I am convinced t

to eliminate controls in an orderly manner, and to terminate special agencies no longer needed for this purpose. It is obviously to be expected that the removal of these controls

critical items essential for our defense. I shall recommend to the Congress that legislation be enacted to continue authorit

hiefly the so-called defense areas. In these and all areas the Federal Government should withdraw from the control of rents as soon as practicable. Bu

in this whole field of prices will solve themselve

the indirect controls which can be appropriately employed, prove insufficient during this period of

nstantly mindful that the time for sacrifice has not ended. But we are concerned with the encouragement of competiti