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I was informed this afternoon by the distinguished Secretary of the Treasury that his preliminary estimates indicate that our balance of payments deficit has been reduced from $2.8 billion in 1964 to $1.3 billion, or less, in 1965. This achievement has been made possible by the patriotic voluntary cooperation of businessmen and bankers working with your government. We must now work together with increased urgency to wipe out this balance of payments deficit altogether in the next year. And as our economy surges toward new heights we must increase our vigilance against the inflation which raises the cost of living and which lowers the savings of every family in this land. It is essential, to prevent inflation, that we ask both labor and business to exercise price and wage restraint, and I do so again tonight. I believe it desirable, because of increased military expenditures, that you temporarily restore the automobile and certain telephone excise tax reductions made effective only 12 days ago. Without raising taxes—or even increasing the total tax bill paid—we should move to improve our withholding system so that Americans can more realistically pay as they go, speed up the collection of corporate taxes, and make other necessary simplifications of the tax structure at an early date. (en) |
