December 7, 2019

Debt Commission; Farm Bill; Biofuels (Tax Issues); Trade; and the Ag Economy

Debt Commission

Lori Montgomery and Shailagh Murray reported in Saturday’s Washington Post that, “An unexpected groundswell of support was building Friday around an aggressive blueprint for cutting long-term spending, raising taxes and stabilizing the growing national debt, as lawmakers in both parties called on President Obama to embrace the proposal and launch a serious effort to rebalance the federal budget.

“Eleven of the 18 members on Obama’s fiscal commission voted to endorse the package, short of the 14 needed to force quick action in Congress. But three Republican and three Democratic lawmakers were among those voting ‘yes,’ a show of bipartisan support that Senate Majority Whip Richard J. Durbin (D-Ill.), a commission member, hailed as a ‘breakthrough.’

“The reality of deficit reduction remains more complicated, however, particularly against a backdrop of stubbornly high unemployment and strident calls for short-term spending to boost the economy.”