President May Seek Loan Powers from Congress Washington, Apr. 7. President: Roosevelt will spend $2,500,000,000 to $4,000,000,000 to combat the current business depression, it was learned here today.
Included in the programme, it was indicated, will be the $1,500,000,000 appropriation to the Reconstruction Finance Corporation, recently approved by Congress, and the $1,000,000,- 000 direct federal relief fund for the next fiscal year.
President Roosevelt summoned Congressional leaders, including Mr. Clyde Williams, Democrat Representative of Missouri and member of the House Banking and Currency Committee, to a conference in the White The conferees discussed the ability of effecting non-interest bearing loans, totalling $1,500,000,000. to city and state government bodies to revitalize business.
Well-informed quarters indicated today that the President had virtually decided on sending a message to Congress asking for legislation to empower the Government to raise money by bond issues and to tribute the loans to the local government bodies, The loans are repayable to the Government over a fifty-year period at the rate of two per cent. of the principle annually.
The loans are to be distributed through the existing Public Works Administration—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.