I join Roger Pilon in expressing sadness at the passing of federal judge and U.S. senator James Buckley. I became acquainted with Jim when he was in his 90s, and I was so impressed that he was still actively considering policy issues and influencing public debate. James Buckley reached the century mark, and his mind was sharp until the end.

This month marks my one‐year anniversary as Director of Budget and Entitlements Policy at the Cato Institute. When I joined last August, I set out to prevent a fiscal crisis in the United States and restrain the federal budget leviathan. Here’s a recap of major fiscal events that have occurred since and how things are going:

Congress is scheduled to consider a major farm bill this year, which will reauthorize many U.S. Department of Agriculture (USDA) programs, including farm subsidies and food stamps. The legislation could cost $150 billion a year and so presents an opportunity to find budget savings and reduce the flood of red ink in Washington.

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…”