Herbert Hoover actually said...

"The Federal Government should be in such a position that after the first of July we will not be required to issue any further Government securities in order to keep the Government going"

"The Federal Government should be in such position that it will need issue no securities which increase the public debt after the beginning of the next fiscal year, July 1."

"The administrative officials of the Government are cooperating with the special Economy Committee in the House in a general drive to bring about very drastic economies in Federal expenditure"

"A very considerable part of this $47 million will be repaid at an early date by the Railway Credit Corporation as fast as its revenues come in"