$12.2-BilIion Deficit Seen For Fiscal '59: Worst Peacetime Figure Is...
The Government yesterday! officially predicted a Federal! deficit in the current fiscal year of $12.2 billionÛÓthe largest in the peacetime history of the country.</br></br>Maurice I-I, Stans, Director of the Budget, said ÛÏthe worst peacetime deficit we have ever hadÛ was expected, even though ÛÏrecovery is assumed to be under wny now.Û</br></br>I-le held out the hope that if the business recovery proceeds at a faster rate than expected the deficit may be smaller.</br></br>There have been many predictions of a deficit of $10 or $12 billion, as compared with a deficit of $2.8 billion for the fiscal year that ended June 30, but some economists in the last few weeks have suggested it might be lower if the recovery develops at a reasonably rapid rate.</br></br>Stans told a press conference that the 12.2-billion-dol-lar estimate, madp in the regular mid-year budget review, was reached after full consid-