The projected course of economic activity for this year is discussed in the 1969 Economic Report of the President, which was presented to Congress on January 16. The appended report of the outgoing Council of Economic Advisers projected total spending in the fourth quarter of 1969 to be 6 per cent above fourth quarter 1968. Though their estimate is labeled a forecast, it may be considered, more appropriately, a target or plan in the spirit of the Employment Act of 1946. To achieve this 6 per cent target growth in total demand, the outgoing Administration proposed a budget consisting of a 5.5 per cent increase in Federal spending in the year ending fourth quarter 1969, and continuation of the 10 per cent tax surcharge to mid-1970.