a deficit, or a current deficit in 1967 prices of $27 billion. which was within $200 million or $300 million exactly the total federal fiscal deficit for that same fiscal year. so the special southeast asia appropriation in 67 accounted for the whole of the united states fiscal deficit in that year. and that gap was closed by fiscal 69 because of and only because of the tax surcharge which lyndon johnson belatedly and at considerable political cost to him persuaded congress to pass in 1968. so that by 69 the context the fiscal context was a little easier. fiscal 69 was, in fact, one of those rare years in post-war american politics when the united states had a fiscal surplus. nevertheless, the fiscal position remained extraordinarily difficult. it was one of the points of considerable difficulty and challenge which president nixon inherited. there were others. monetary policy was highly contested. highly politicized. relations between the fed and the outgoing johnson a