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I3FLAgI0:TA3Y 2g»E31DI!roHES - U. S. G0VS33MEKT Fiscal Year - 1934. Millions of $ July Aug» Set>t. Oct. Hov« Dec. Jan. Fetu !.Iar« Apr. May ?. W. A. 24 23 19 28 37 C. W. A. C. C O . 20 25 24 25 27 85 59 53 56 68 75 119 86 251 177 177 80 22 11 33 31 24 27 26 29 42 41 112 92 89 301 286 218 261 F. E. R. A. 44 48 43 Source: Daily Treasury Statement 53 64 Jtme 204 341 254 DIRECT IHELATIOHARY EXP3HDITUHES OF THE IEDEEAL G0V3HNU2HT Aim ALLIED AGE1TCIES ORGANIZATION ACTUAL EXPENDI- MONTHLY Ai.iT. THAT MIGHT 3E OBTAINED TURES FOR JULY 1934 (Millions of dollars) T. E. R. A. 156 200 Civil Works C» w« C. Public Works 40 40 121 125 20 II. 0. L. C. (Modernization) Hot in Treasury Statement Processing Tax Removal Drought relief and increased expenditures in urban centers should easily pull this figure up to the $200,000,000 estimated here. This is a negligible figure but probably these low expenditures will continue inasmuch as the C.W.A. has a $40,000,000 •unexpended balance • Cattle & Sheep (5 mos.) Loans to Receivers of Closed Banks by RFC (6 mos.) COMMENTS It is estimated that the total $100,000,000 appropriated will be s-oent by the first of the yea.r with big expenditures coming during September and October. 10 40 322 This is a highly questionable item. Work is highly seasonal and the loans and grants made to public bodies are not going out in any volume. The failure of the P.W.A. has been one of the great lessons in this depression in regard to how a spending program Tirost not be worked. 530 While in the law the Secretary of Agriculture probably lias the power to change the processing tax so that it could become negligible in amovnt if this course was taken benefit payments would have to stop also until Congress would appropriate additional money to carry them on. This figure is extremely arbitrary and there would have to be a great deal of pressure on the R.P.Cf. to get the funds out at this rate.
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