September 23, 2011
On Monday, September 19, President Obama unveiled a new deficit reduction plan that will reduce the deficit by an additional $3 trillion over the course of the next 10 years through a combination of spending cuts and tax increases.
You can find the full report, “Living Within Our Means and Investing in the Future-The President’s Plan for Economic Growth and Deficit Reduction” here.
The plan emphasizes that we can live within our means as a country while still making investments in job creation, infrastructure, education, and innovation-all the essential components of a prosperous nation.
The plan would pay for the President’s proposed American Jobs Act and produce a net savings of $3 trillion over the next decade, on top of the $1 trillion in spending cuts from future appropriations bills the President already signed into law in the Budget Control Act last year. The net result, therefore, according to the White House, would be over $4 trillion in savings over the next 10 years, bringing the Nation to a point where, “current spending is no longer adding to our debt and where our debt is no longer increasing as a share of our economy.”
The president’s plan includes $1.5 trillion in new revenue generated largely from tax increases targeting the wealthy. The proposal also includes $1.1 trillion in savings from winding down the wars in Iraq and Afghanistan.
In regards to agriculture, the President’s plan proposes to:
NSAC comments on the President’s proposals were issued in a press release that also announced NSAC’s farm bill budget recommendations for the new congressional Super Committee tasked with coming up with a $1.2 trillion deficit reduction package by November.