ECONOMY ACT

The 'Economy Act' or in full the 'Economy Act Agreement for Purchasing Goods or Services' was a United States Act of Congress, which the U.S. Congress passed on March 15 1933. It tried to balance the federal budget by cutting the salaries of government employees and reducing pensions to veterans by as much as 15 percent. It also cut the budgets of government departments by 25 percent. Nearly a billion dollars was saved by these measures.

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★ The text of the act