The emergency budget of the federal governament

Rerent changes in the form of the Dally Statement of the United States Treas ury imply the edoption of a new budgetary policy. The segregation Into a new emergency estegory, of expenditures made in conjunetion with the recovery program has created the need for a special badget to be fnanced entirely by credit. The eliminato ake Ae of the recovery anpropriations shows that their magnitude, the uneertain cireumstances surrounding their payment and the nature of the control exereised over their disbursement made it adrisable to abandon the old unifed single budget system. It is diffeult to absorb economic programs Into the scope of ordinary budget procedures. The new badget does not carry with it the usual undesirable features associated with extraondinary badeets; there are no objectionable credit manipulations, no unwarranted distine tiens between different fiscal Items; and there is no attempt at coneealment. It la neeessary however to guard closely a system of multiple budgets against the adoption of l-advised measures.