Federal Revenues and Expenditures

Archive Report

The first quarter of the fiscal year 1931, ended September 30, 1930, was marked by a continuation of the upward trend of federal expenditures which has been in evidence since 1927, and by a sharp drop in federal revenues. The total revenues of the government showed a decline of 14.4 per cent during the quarter, by comparison with the first quarter of last year, while federal expenditures were up 4.0 per cent.

On the basis of receipts and expenditures during the first half of the quarter, ended August 15, 1930, the statement was made by a “high Treasury official,” (later publicly identified as Secretary Mellon), that the Treasury had little hope of being able to recommend a continuation through 1931 of the reductions in income ...

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