February 2, 1953 -- January 7, 1954 -- January 6, 1955 -- January 5, 1956 -- January 10, 1957 -- January 9, 1958 -- January 9, 1959 -- January 7, 1960 -- January 12, 1961
ted during the next 4 years. These bills, added to the current costs of government we must meet, make a formidable burden.
The present authorized Government-debt limit is 275 billion dollars. The forecast presented by the outgoing administration with the fiscal year 1954 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 approach and even exceed that limit. Unless budgeted deficits are checked, the momentum of past programs will force an increase of the statutory debt limit.
Permit me this one understatement: to meet and to correct this situation will not be easy.
Permit me this one assurance: every department head and I are determined to do everything we can to resolve it.
The first order of business is the elimination of the annual deficit. This cannot be achieved merely by exhortation. It demands the concerted action of all those in responsible positions in the Government and the earnest cooperation of t