By virtue of the authority vested in me by the Constitute and laws of the United States, and particularly by Title 1 of the First War Powers Act, 1941, approved December 18, 1941 (55 Stat. 838), I hereby extend the provisions of Executive…

The welfare of the United States in the next 25 or 30 years is going to be in your hands--the hands of the young men who are now growing up and going to high school and college.

I have been studying it ever since I was your age, and I don't think a finer system has ever been created in the history of the world.

It is nice to have you boys here as our guests this morning.

For these reasons, I feel obliged to withhold my approval of this measure.

I must request your assistance in a most serious fiscal situation.

Accordingly, it is my desire that all postponable public works be deferred until private demands for goods and services slacken off.

I am convinced that this modification in program can be accomplished without impairing our effective defense.

It is therefore essential that the expenditures of the Federal Government stay within the estimates of expenditures transmitted to the Congress in the January Budget.

In order to carry out the above program of curtailment of public works, the Director of War Mobilization and Reconversion will issue a directive providing that for a period of sixty days, until October 1, 1946, there will be a moratorium…

The Federal Government should not compete with private industry for scarce materials, neither should it compete in any area for scarce labor.

I don't know the exact figure.

Now, Therefore, I, Harry S. Truman, President of the United States of America, do hereby proclaim Wednesday, August 14, 1946, as Victory Day.

We want you to be entirely clear in your mind about this, so that is the reason why we have this special phone number that you can call over weekend.

It's nice to talk about making reductions, but it's hell to do it! [Laughter]

Well, you can translate it that way, if you like.

But we are stating that, to show that actually there will be more money turned in that will be paid out which we can turn into credit, because that would be paid in, in any case.

I don't think it needs to be increased.