Farm Program Cuts Part of President’s Debt Reduction Plan
Washington--Cuts in farm program payments are part of President Barack Obama’s plan to reduce the federal debt by $4 trillion over the next 12 years. And a White House Fact Sheet associated with the president’s budget outlines cuts in mandatory programs, including the farm program.
Obama set a target of reducing the annual U.S. deficit to 2.5 percent of gross domestic product by 2015, compared with 10.9 percent of GDP projected for this year. He called for deep cuts in military and domestic spending and ending tax cuts “for millionaires and billionaires.”
“We have to live within our means, reduce our deficit and get back on a path that will allow us to pay down our debt,” Obama said.