January 24, 2020

Congressional Agenda; Trade; Climate Issues; Biofuels; NAIS; and Ag Economy

Congressional Agenda

Lori Montgomery reported in today’s Washington Post that, “Congress agreed Thursday to revive the pay-as-you-go budget rules that helped wipe out massive deficits and balance the budget during the Clinton administration, although the new version includes a long list of exceptions that would permit Democrats to add at least $1.5 trillion to the nation’s tab over the next decade.

“The House voted 233 to 187 to approve the rules, known in congressional shorthand as paygo. The rules were adopted last month by the Senate and now go to President Obama for his signature.

The return to paygo comes as record deficits push the government more deeply into debt than at any time since the 1950s. Democrats attached the new rules to a must-pass measure that raises the legal limit on government borrowing by a record $1.9 trillion. With the public debt expected to hit the current cap by next week, the increase — which was approved on a separate vote, 217 to 212 — authorizes the Treasury Department to continue borrowing to cover the nation’s bills through early next year.”