The Congressional Budget Office (CBO) estimates that this year's federal deficit will reach a record $477 billion, the largest deficit in U.S. history. CBO estimates that over the next 10 years, deficits are expected to add $2.4 trillion to the public debt, which will increase to $6.4 trillion.

If these record level deficits continue expect that agriculture will be one area that Congress and administration will look to cut next year.