Treasury Secretary Henry Morgenthau appears before the House Ways and Means Committee in 1940

The transcript discusses the financial needs for national defense, highlighting a $5 billion target. Recommendations by Secretary Morgenthau are considered, leading to Treasury Department approval of proposals for a 10% income tax increase and additional taxes. The public's willingness to accept these sacrifices for adequate national defense is emphasized.

What is the total amount mentioned in billions?

Who listens to recommendations regarding the funding?

What is the proposed increase in income taxes mentioned in the text?

How much money is authorized for National Defense securities?

What is the public's attitude towards paying additional taxes for National Defense?