Plan aims to reduce national debt.
The Bipartisan Policy Center in Washington, D.C., has released a comprehensive deficit and debt reduction plan entitled, "Restoring America's Future." Written by the Center’s Debt Reduction Task Force, the plan aims to reduce national debt to below 60% of the economy, reduce annual deficits to manageable levels, and balance the primary budget, which includes everything other than interest payments, by 2014.
The proposal would impact agriculture by recommending: (1) elimination of all support payments based on production history to large commercial producers (with combined farm and non-farm adjusted gross incomes of greater than $250,000); and (2) lowering of the cap on direct payments based on production history from its current $40,000 to $20,000. The counter-cyclical payments would remain intact.
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