“The Treasury does not segregate its working balances in the general fund to show its obligations on any particular class of accounts, but considers its total working balance as available to meet the demands made on any of these accounts as wells as to the general and trust fund expenditures of the government.
In view of the large amount of demand obligations now outstanding which the Treasury may be called upon to meet, such as the checking accounts and deposits of governmental corporations, credit agencies, etc., in the aggregate amount of over $400,000,000; the unemployment trust fund, amounting to $1,640,000,000; special obligations issued for account of the Postal Savings System and the Federal Deposit Insurance Corporation, amounting to $142,000,000, and outstanding United States Savings Bonds with a redempti9n value of $2,700,000,000 it is felt that the estimated working balance of the Treasury on June 30, 1940 as contemplated by the President’s budget will be about as low as it can be permitted to go.”
Just add another set of three zeroes to these numbers and it’s just like today...except that you won’t see this story in today’s NY Slimes.
The only part of history that doesn’t repeat.