Funding

“ The funding system is not money; neither is it, properly speaking, credit. It, in effect, creates upon paper the sum which it appears to borrow, and lays on a tax to keep the imaginary capital alive by the payment of interest and sends the annuity to market, to be sold for paper already in circulation. ”

“ Under the system of funding, the frugality and industry of private people can more easily repair the breaches which the waste and extravagance of government may occasionally make in the general capital of the society. ”

“ Hence I contend that a funding system in this country will be highly dangerous to the welfare of the Republic; it may, for a moment, raise our credit, and increase our circulation by multiplying a new species of currency; but it must hereafter settle upon our posterity a burthen which they can neither bear nor relieve themselves from. ”

“ The term `new directed spending provision' as used in this paragraph means any item that consists of a specific provision containing a specific level of funding for any specific account, specific program, specific project, or specific activity, when no specific funding was provided for such specific account, specific program, specific project, or specific activity in the measure originally committed to the conferees by either House. ”

“ My budget blueprint will restrain spending, yet meet growing needs with a reasonable 4 percent growth rate, which is a little more than inflation. After paying the bills, my plan reduces the national debt, and fast. So fast, in fact, that economists worry that we're going to run out of debt to retire. That would be a good worry to have.
Finally, along with funding our priorities and paying down debt, my plan returns about one out of every four dollars of the surplus to the American taxpayers, who created the surplus in the first place. ”

“ In an effort to make our economy more competitive with those of other nations, our budget sets out important steps, including training for dislocated workers, the return to the private sector of certain institutions now owned by the Government, and more funding for research and development. ”

“ At the time we were funding our national debt, we heard much about "a public debt being a public blessing;" that the stock representing it was a creation of active capital for the aliment of commerce, manufactures and agriculture. ”

“ And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale. ”

“ So high is the credit of the government, and so abundant are the resources of our people after a comparatively short period of general prosperity, that they seem to have plenty of surplus funds with which to aid any funding operation, however low the rate of interest, if the government—State or National—shows a willingness to pay. ”

“ The website shall provide a means for the public to give feedback on the performance of contracts that expend covered funds. (7) The website shall include detailed information on Federal Government contracts and grants that expend covered funds, to include the data elements required to comply with the Federal Funding Accountability and Transparency Act of 2006 (Public Law 109-282) , allowing aggregate reporting on awards below $25,000 or to individuals, as prescribed by the Director of the Office of Management and Budget. ”

“ Running through the different national systems there are some common elements the result not of inheritance merely but still more of necessity, or at the lowest of similarity in environment. Over and above the details of financial development there is a thread of connexion which requires treatment under Finance taken as a whole. As the great aim of this side of public activity is to secure funds for the maintenance of the state’s life and working, the administration which operates for this end is the true nucleus of all national finance. ”

“ We understand that that level of trust is extraordinary, and that whether this money goes to the states through a formula grant, whether it goes to the states or local entities through a transportation grant or something like that, that great care has to be used when dealing with the taxpayer money. The money should not be spent on wasteful projects or pet projects, but instead spent on projects that we know can and will move this economy forward. ”

“ National Fund In connection with the institution of the National Fund and the budgetary system set forth in the minutes of the National Spiritual Assembly, I feel urged to remind you of the necessity of ever bearing in mind the cardinal principle that all contributions to the Fund are to be purely and strictly voluntary in character. It should be made clear and evident to every one that any form of compulsion, however slight and indirect, strikes at the very root of the principle underlying the formation of the Fund ever since its inception. ”

“ If they want to continue receiving federal grants in such areas as transportation, education, and social services, they can use their trust fund money to pay for the grants or, to the extent they choose to forego the federal grant programs, they can use their trust fund money on their own, for other purposes. ”

“ And, if you like, imagine that the Government grant had been four times as much as it was, and that the charity had amounted to four times as much as it did, and then fancy having to keep your family for five months with two pounds eight shillings!
It is true that some of the members of the committee would have been very glad if they had been able to put the means of earning a living within the reach of every man who was willing to work ”

“ It is important that the funds we seek to generate shall be utilized with extreme prudence. I shall therefore define as clearly as possible the major areas in which we must sustain or accelerate our development efforts, and mark out the funds that shall be utilized to finance them exclusively. ”

“ The objects of a financier are, then, to secure an ample revenue; to impose it with judgment and equality; to employ it economically; and when necessity obliges him to make use of credit, to secure its foundations in that instance, and forever, by the clearness and candor of his proceedings, the exactness of his calculations, and the solidity of his funds. On these heads we may take a short and distinct view of the merits and abilities of those in the National Assembly who have taken to themselves the management of this arduous concern. ”

“ The first is to recognize the need for raising revenues for the financing of our expanding economic development program, and then to act boldly and manfully upon that need. The economic development requirements for which we must find financial support are as diverse as they are essential to our continued progress and well-being. ”

“ It is clear that we must stabilize the government's finances consistent with our ability to tap legitimate sources of revenue and the judicious outlay of funds to meet current and future needs, with open accountability for our obligations at home and abroad. ”

“ It is particularly your province to consider the state of the public finances, and to adopt such measures respecting them as exigencies shall be found to require. The preservation of public credit, the regular extinguishment of the public debt, and a provision of funds to defray any extraordinary expenses will of course call for your serious attention. Although the imposition of new burthens can not be in itself agreeable, yet there is no ground to doubt that the American people will expect from you such measures as their actual engagements, their present security, and future interests demand. ”

“ A revolving loan fund should be provided for the necessary financing until these agencies shall have developed means of financing their operations through regularly constituted credit institutions. Such a bill should carry authority for raising the money, by loans or otherwise, necessary to meet the expense, as the Treasury has no surplus. ”

“ Fund generally signifies the money or capital stock employed in carrying on trade or any other business operation. State funds are the moneys and other property of the state which are set apart for paying the expenses of the government, or for the construction of canals, roads, and other public improvements. ”

“ The second requirement for government is the establish­ment of a complement of policies designed to induce and mobilize the maximum of internal domestic savings and the maximum external financing in order to sustain the overall investment requirements of the economic development program. ”

“ As you will see from the Budget which will be submitted to the Chamber, our finances are in an extremely difficult situation. I recommend you, above all, to adopt common measures adapted to meet the difficulties of the situation and to restore our credit. You will have moreover, to take measures to insure the supply of funds required for urgent reforms. One of the greatest wants of our Empire and of our subjects is the development of agriculture and industry, and the progress of civilisation and of public wealth. ”

“ Budget Director Jim Miller and his deputy Joe Wright have been briefing me on the results of our government-wide management project, a project that's saved our citizens over 600 million man-hours in filling out forms and redirected $84 billion in Federal money away from wasteful overhead into useful service and purchases. ”

“ It has also frequently happened that corporations have been aided to a very large extent by public funds, by the voting of aid bonds, by the donation of large tracts of land, by payment for certain service at such rates as would largely relieve the company from loss in operation, by the remission of taxes, or by the direct donation of funds. ”

“ The condition of the fund is annually investigated and reported on by a proper and competent person, to be selected by the managers for that purpose, and any surplus remaining at the end of each year is devoted to the reduction of the rates of contributions of members, or in such other manner disposed of as in the judgment of the committee will best subserve the interests of the association. ”

“ The following plan, I think, complies with all the requirements of the problem. By the proposed method every policy, at all stages of its existence, contributes its exact share to the expense fund, whatever its plan of payment may be.
Let us, as an illustration, examine the case of a ten year endowment policy, taken out at age 30, and consider it under three aspects, first, as paid for in advance by a single payment, second, as paid by five annual payments, and third, as paid for annually throughout the term. ”

“ But whatever distinction may be observed between the more general and primary purposes of this institution, and its value separately regarded as an immediate source of revenue to the Crown, it will be found that the same means may be employed to promote its several objects; and that, in a prosperous state of the country, its productiveness, in a financial calculation, will be measured by the proportion in which, under judicious management, it is made to contribute to the interests, the convenience, and the habitual indulgence of the community. ”

“ The Government thus applying a surplus fortunately in its Treasury to the payment of expenses not met by its current revenues is not at all to be likened to a man living beyond his income and thus incurring debt or encroaching on his principal.
It is not one of the functions of our Government to accumulate and make additions to a fund not needed for immediate expenditure. With individuals it is the chief object of struggle and effort. The application of an accumulated fund by the Government to the payment of its running expenses is a duty. ”

“ A special federal fund shall be established to finance the rapid economic development of the inadequately developed republics and areas. Federal law shall provide permanent sources of finances for this fund and special credit terms, and shall determine the manner of operation of the fund. The Federation shall provide the means for a republic that is unable to finance social and other services with funds of its own, subject to conditions determined by law. ”

“ In selecting your institution as one of the fiscal agents of the government, I not only rely on its solidity and established character, as affording a sufficient guarantee for the safety of the public money intrusted to its keeping, but I confide also in its disposition to adopt the most liberal course which circumstances will admit toward other moneyed institutions generally, and particularly those in your vicinity. ”

“ Much more suitable, therefore, for the purposes of fiscal administration are bonds which are not limited as to term of payment, but which can be redeemed at their face value at the will of the Government. ”

“ Accordingly, we decided that if we must "raise money" each year in some way or other, we must go about it in a well thought out way and not leave such an important matter to haphazard uncertainties. We have, therefore, formed a small Finance Department and have studied all of the ways of raising money that are known to us, trying of course to make out which ones are particularly adapted to our needs. ”

“ In a great number of cases, a previous accumulation of a fund, equal to the whole sum required, does not exist; and nothing more can be actually presupposed, than that there exists resources, which, put into activity to the greatest advantage, by the nature of the operation with the government, will be equal to the effect desired to be produced. ”