The President's proposed budget for FY 2015 under the N.E.P. or the National Expenditure Program amounts to P2.606 trillion, reflecting an increase of P341.372 billion or 15.07% higher than the Fiscal Year 2014 budget. It is anchored on a real GDP projection of 7-8%, an inflation rate of 2-4%, 364-day T-Bill rate of 2-4%, and a foreign exchange rate of P42-45 to the dollar.
Francis EscuderoRelated topics
billion fiscal foreign increase inflation national projection real reflecting trillion under year higher GDPRelated quotes
Are we at last brought to such an humiliating and debasing degradation, that we cannot be trusted with arms for our defense? Where is the difference between having our arms in possession and under our direction, and having them under the management of Congress? If our defense be the real object of having those arms, in whose hands can they be trusted with more propriety or equal safety to us, as in our own hands?
Patrick Henry
This week, my administration released new information that contains that we're on track to cut the federal deficit by another - another $1.5 trillion by the end of this fiscal year - the biggest decline in a single year ever in American history. And the biggest decline on top of us having a $350 billion drop in the deficit last year, my first year as President.
Joe Biden
Mundell's models allowed a significant role for fiscal policy, especially under fixed exchange rates. However, the treatment was entirely Keynesian-an increased budget deficit operated solely by raising the aggregate demand for goods. Moreover, increases in government spending and cuts in taxes had pretty much the same effect on the economy.
Robert Barro
Q: Who caused the inflation?
A: The Chancellor of the Exchequer.
Q: How did he cause it?
A: By putting a flood of new money into circulation.
Q: Why did he do that?
A: To prevent the exchange rate of the pound rising last year.
Q: Why did he want to stop it rising?
A: To keep level with the Deutschmark.
Q: What for?
A: To make it easier to join the EMS.
Enoch Powell
In the coming months the need is for the people of this country to do two things. First, to increase the national production; and, secondly, to exercise restraint in demands for increased incomes and self-control in expenditure... I am confident that in peace just as we did in war, Britain will conquer them by determination, hard work, and by the cooperation of all.
Clement Attlee