The debt-and-deficit proposal by a bipartisan six-pack of senators "would cut farm program spending over the next decade by far less than the $30 billion plus proposed in the House of Representatives or by a negotiating group led by Vice President Joe Biden earlier this year," Washington newsletter Agri-Pulse reports.
The "Gang of Six" plan would cut the Department of Agriculture budget by $11 billion over the next 10 years, with details to be determined by the agriculture committees of the House and Senate. Food stamps would not be included; nutrition programs account for most of the USDA budget.
Meanwhile, Agri-Pulse reports that Bob Young, the chief economist for the American Farm Bureau Federation warned the Arkansas Farm Bureau last week, “If we go into even a technical default, the United States will never be viewed the quite the same again.” After raising the debt ceiling, he said, the best thing Congress could do for business would be to provide certainty on taxes and regulations.
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