The bipartisan debt‐ceiling deal passed in June reflected a new congressional focus on spending restraint. Congress should extend the restraint when it considers a major farm bill this fall. Cutting farm subsidies is a good way to tackle wasteful spending and reduce budget deficits.

Which farm programs should Congress cut?

Following the Fiscal Responsibility Act’s passage, many legislators remain rightfully concerned that the May 2023 debt limit deal doesn’t do nearly enough to rein in out‐of‐control federal deficits and debt. Now Fitch Ratings has given them a wake‐up call by downgrading the U.S. credit rating from AAA (the highest possible rating) to AA+.

Fitch Ratings, one of three major credit rating agencies, downgraded the U.S. debt from AAA (the highest possible rating) to AA+ yesterday, explaining:

“The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance…”