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Issues › Federal Budget & Spending
Balancing the federal budget
Also known as: Economy in government (1789-1932); Deficit reduction (1980-)
| Cycle | Candidate | Position | Solution | Strength | Attribution | Verdict |
|---|---|---|---|---|---|---|
| 1932 | Franklin D. Roosevelt (Democratic) | Balance the federal budget annually within revenues | Maintain the national credit by a federal budget balanced every year on accurate executive estimates, with revenues raised on the ability-to-pay principle; stop borrowing to cover deficits. Relief and protection of savin… | specific_pledge | candidate_direct | broken? |
| 1932 | Herbert Hoover (Republican) | A balanced budget as 'the foundation of all public and private financial stability' | Balance the budget by drastic expenditure cuts plus the Revenue Act of 1932's new taxes; revise those temporary taxes if they 'sap the vitality of industry'; hold the credit of the federal government 'impregnable.' | specific_pledge | candidate_direct | not_applicable |
| 1936 | Alf Landon (Republican) | Balance the budget by cutting expenditures, not by raising taxes | Stop 'the folly of uncontrolled spending'; balance the budget 'drastically and immediately' by cutting out foolish experiments (a billion dollars 'any time it wanted to') while protecting relief allotments. | specific_pledge | candidate_direct | not_applicable |
| 1936 | Frank Knox (Republican) | A budget balanced immediately and a currency based on and convertible into gold | Balance the budget at once; return to a gold-based, convertible currency 'as swiftly as possible'; no coercion in business or agriculture. | specific_pledge | reported | not_applicable |
| 1936 | Franklin D. Roosevelt (Democratic) | Balance the budget within a year or two out of rising national income, without new taxes | As national income rises from $38 billion (1932) toward $60 billion, receipts will cover ordinary and relief expenses 'within a year or two' without additional taxes; then reduce the debt. | specific_pledge | candidate_direct | broken? |