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OCR Page 1 of 18(BUCHANAN) JK
Includes changes made by Burns, Mayo, McCracken and Walker
Proposed Statement by the President on the Budget
MARK The
Administration's first full review of the Federal budget for
begining next week
the fiscal year 1970 is now complete. As a result, I shall send a
series of budget amendments to the Congress.
within E
Amendments for most agencies will go forward this weele,
few
days.
actions
as the final touches are completed on the few remaining ones The
overall totals are now being made available.
The budget that we inherited from the previous Administration in
stated the
January estimated expenditures for the fiscal year 1970 at $195. 3 billion.
Our examination of that budget reveals that some of these estimates
notably those for interest on the Federal debt and farm price, sup-
after making the
port payments are turning out to be too low. Amore realistic
necessary adjustments to cover these underested ated items
that estimate of total expenditure in that budget; $196 billion
we actual submitted of
I am proposing new reductions in Federal spending of $4. 0 billion,
reducing the overall spending figures for the coming fiscal year to
$192. 9 billion. I am also recommending to the Congress cuts totalling
$5.5 billion in appropriations requests and other budget authority
SIGNIFICANTLY
thereby reducing stumply the future spending obligations of the Federal
government.
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