Document A Source: Fireside Chat, President Roosevelt: "The Purposes and Foundations of the Recovery." July 24 , 1933 Long before Inauguration Day I became convinced that individual effort and local effort and even disjointed Federal effort had failed and of necessity would fail and, therefore, that a rounded leadership by the Federal Govemment had become a necessity both of theory and of fact. Such leadership, however, had its beginning in preserving and strengthening the credit of the United States Government, because without that no leadership was a possibility. For years the Government had not lived within its income. The immediate task was to bring our regular expenses within our revenues. That has been done. It may seem inconsistent for a govermment to cut down its regular expenses and at the same time to borrow and to spend billions for an emergency. But it is not inconsistent because a large portion of the emergency money has been paid out in the form of sound loans which will be repaid to the Treasury over a period of yearS, and to cover the rest of the emergency money we have imposed taxes to pay the interest and the installments on that part of the debt.

Document A Source: Fireside Chat, President Roosevelt: "The Purposes and Foundations of the Recovery." July 24 , 1933 Long before Inauguration Day I became convinced that individual effort and local effort and even disjointed Federal effort had failed and of necessity would fail and, therefore, that a rounded leadership by the Federal Govemment had become a necessity both of theory and of fact. Such leadership, however, had its beginning in preserving and strengthening the credit of the United States Government, because without that no leadership was a possibility. For years the Government had not lived within its income. The immediate task was to bring our regular expenses within our revenues. That has been done. It may seem inconsistent for a govermment to cut down its regular expenses and at the same time to borrow and to spend billions for an emergency. But it is not inconsistent because a large portion of the emergency money has been paid out in the form of sound loans which will be repaid to the Treasury over a period of yearS, and to cover the rest of the emergency money we have imposed taxes to pay the interest and the installments on that part of the debt.