Herbert Hoover actually said...
In view of the fact that our receipts are falling off materially from the amount estimated at the time of the preparation of the Budget for 1932 and of the consequent large deficit indicated for the current fiscal year, I wish again to bring to your attention the seriousness of our financial situation and desire that you assure yourself that all those in your establishment are impressed with the urgent need for economies and postponements in view of this emergency.
07/23/1931