Herbert Hoover: “A very large degree of industrial unemployment and suffering which would otherwise have occurred has been prevented.”

The details of this estimate, the necessity therefor, and the reason for its transmission at this time are set forth in the letter of the Director of the Bureau of the Budget transmitted herewith, with whose comments and observations…

The reductions must be real and positive.

I propose that the arms of the world should be reduced by nearly one-third.

We have no desire for offensive armament.