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THE BUDGET FOR FISCAL YEAR 1972, sent to Congress last January, proposed an increase in unified budget outlays of $16.4 billion over 1971. Included in the requests were the following: $1.5 billion net increase for defense, composed of increases in military and civilian pay, the initial costs of the all-volunteer army, and a $2.5 billion increase in other non-Vietnam defense expenditures, offset by an estimated $4.0 billion reduction in the costs of the Vietnam war $6.8 billion increase for income maintenance programs, primarily retirement and welfare $4.1 billion new spending for revenue sharing $4.0 billion net increase for all other programs, the result on balance of many small increases and decreases scattered among a variety of programs. The increase in total expenditures was carefully tailored so that, on the basis of the unified budget, they would be in balance with revenues that would be available if the economy were at full employment. The major increases in expenditures, the increase in full employment revenues, and the effect on the full employment surplus of the budget proposals are given in Table 1. On a national income accounts basis, the full employment surplus was scheduled to remain essentially unchanged between calendar years 1970 and 1971, as is shown in Table 2. Some changes Congress has made since the budget submissions have reduced somewhat the surplus for 1971.

The 1972 Budget: Where It Stands and Where It Might Go